The fiduciary partnership solutions are designed to help plan sponsors and other investment fiduciaries meet standards prescribed in sections 3(31) and 3(38) of the Employee Retirement Income Security Act (ERISA).
Under the agreement between Ameritas and Mesirow Financial, plan fiduciaries will have the choice to select from two fiduciary solutions. These include ERISA Section 3(21) investment advisory services, through which Mesirow Financial will assist with investment selection and monitoring, and 3(38) investment management services, through which Mesirow Financial will assume full discretion for selecting, monitoring and replacing plan investment options.
“Offering both of Mesirow Financial’s fiduciary service options enhances customization for plan fiduciaries whose needs vary from plan to plan,” explains Jim Gairns, director of sales development for the retirement plans division of Ameritas. “This strengthens the Ameritas fiduciary offering for retirement plan clients by adding an additional layer of third-party investment oversight and legal protection, in addition to clarifying the non-fiduciary role of Ameritas producers.”
Under the 3(21) service, Mesirow Financial will independently analyze the Ameritas investment platform and act as an investment fiduciary alongside the plan administrator who maintains control over avplan’s investment menu. Plan fiduciaries will be provided with a list of approved investment options, which will be monitored by the quarterly Mesirow Financial POLICE Report.
Alternatively, a plan fiduciary can also use one of Mesirow Financial’s suggested sample investment lineups based on plan demographics.
For plans seeking 3(38) fiduciary coverage, in addition to providing quarterly analysis and reporting, Mesirow Financial’s Investment Strategies team assumes full discretion for investment option selection, acting as the investment manager to the plan.
For more information on the services and the partnership between the two firms, call 1-800-923-2732.