The enhanced fiduciary adviser status provides greater investment fiduciary protection for plan sponsors.
The new service, enabled under the Employee Retirement Income Security Act (ERISA) Section 3(38), allows plan sponsors to delegate the burden of managing retirement investments and hiring, as well as monitoring and replacing, investment managers. The firm offers independent and unbiased advice.
“This new offering appeals to retirement plan sponsors and their committee members who want to make prudent choices for their retirement plans and those who seek a professional to manage and monitor the investments offered to their plans’ participants,” said Jay Mullins, president, SHDR-IA.
Stanley, Hunt, DuPree & Rhine is an employee benefits consulting firm and a division of BB&T.