MEP Offers Fiduciary Services

A registered investment adviser (RIA) firm has signed on to provide 3(38) investment manager services for a multiple employer plan (MEP) offering.

Redhawk Wealth Advisors, Inc. has entered into a strategic alliance with Centier Bank, a regional bank and trust company, under which Redhawk will serve as the ERISA 3(38) provider for the Centier Open MEP.

Centier’s Open MEP removes the employer as the plan sponsor and trustee for their company’s retirement plan. It reduces the employer’s fiduciary liability by transferring personal liability to an independent fiduciary. Adopting employers can focus their resources on running their business and maintaining their company’s profitability, while at the same time reducing their corporate and personal fiduciary liability. Under the Open MEP, Centier operates as the ERISA 3(16) fiduciary and oversees the governance, risk, and compliance management on behalf of the employer.

Redhawk serves as the ERISA 3(38) investment manager and takes over the fiduciary responsibilities of the investments for the plan and participants. Redhawk is responsible for the selection, monitoring and replacement of the investments in the plan. The investments include low cost exchange-traded funds (ETFs) and collective investment funds (CIFs) that are fully transparent, as well as model portfolios. Participants have access to professionally managed portfolios to help them establish and attain their retirement goals.

“We work with many types of advisers and Redhawk’s program and education materials are the best we’ve seen,” says James Boyd, vice president, Wealth Management of Centier Bank.

The Open MEP was developed by Centier’s Strategic Financial Services (SFS) team. More information is at