Nationwide’s 3(38) investment fiduciary service will now include fiduciary monitoring of Nationwide ProAccount, Nationwide’s managed account service, at the plan level for no additional cost.
When a plan sponsor elects the 3(38) service, IRON Financial assumes the responsibility and legal liabilities associated with selecting, monitoring and replacing plan investments under section 3(38) of the Employee Retirement Income Security Act of 1974 (ERISA).
“At Nationwide, our goal is to make it easier for America’s businesses to offer a successful retirement plan,” says Joe Frustaglio, vice president of private sector retirement plan sales for Nationwide. “Expanding the 3(38) investment fiduciary service helps us accomplish that goal by enabling both plan sponsors and participants to work with investment experts to tailor the optimal retirement plan, and improve plan engagement and health while reducing fiduciary risk.”
In addition to 3(38) investment fiduciary service from IRON Financial, Nationwide offers fiduciary support through Fiduciary Series, Fiduciary Warranty, Morningstar 3(21) Fiduciary Service, Nationwide ProAccount Discretionary Managed Account Service and the ANB Trust Full Discretionary Trustee Retirement Service.
Plan sponsors interested in learning more about Nationwide’s fiduciary service options should call 1-800-626-3112.