July Chooses Mesirow as Fiduciary Solution Partner

ERISA (Employee Retirement Income Security Act) 3(21) and 3(38) fiduciary services have been added by July Business Services for qualified retirement plan sponsors.  

July Business Services, a retirement plan and payroll services provider, selected Mesirow Financial to offer ERISA fiduciary services to employers that sponsor qualified retirement plans.  July now makes Mesirow Financial’s fiduciary services available to financial advisers, registered independent advisers (RIAs) and broker/dealers who offer them to plan sponsors.

Under the 3(21) service, Mesirow Financial Investment Management Inc. acts as an investment fiduciary to the plan along with the plan sponsor, who maintains control over the plan’s investment menu. Plan sponsors and their investment advisers are provided with a list of investment options, which are monitored by the team and tracked in the quarterly Mesirow Financial POLICE Report (performance, organization, legal issues, investment policy, consistent style, expense), a watch list of investments. 

In addition to investment monitoring and quarterly reporting, Mesirow Financial assumes discretion for investment option selection in the 3(38) service, acting as an investment fiduciary and investment manager to the plan. Offering both options enhances the customization for investment advisers who have differing business models for their clients.  

“We need to provide our clients with professional, cost-efficient programs to help them manage their fiduciary responsibilities, reduce risks and improve participant outcomes,” said John Humphrey, July’s chief operating officer.

“This optional offering complements the fee attestation reports and optional 3(16) ERISA fiduciary services offered to July clients by Roland|Criss, an independent fiduciary consultant,” Humphrey said.

According to Michael Annin, head of the investment strategies group at Mesirow Financial, July Business Services’ combination of mutual fund and ETF fiduciary solutions is a valuable fiduciary offering.

The Investment Strategies team at Mesirow Financial is an independent, third-party consultant that provides asset-allocation strategies and manager selection to insurance companies, defined contribution providers, broker/dealers and mutual fund companies.  

July Business Services provides retirement plan and payroll services for financial advisers and their clients.