Mesirow Financial and PNC Institutional Investments have introduced an ERISA Section 3(21) and 3(38) fiduciary service for Vested Interest retirement plan sponsors.
Vested Interest is the bundled defined contribution/401k plan program from PNC Institutional Investments. It offers non-discretionary trustee services, daily recordkeeping and administration, educational services and an array of investment options.
Vested Interest will make available Mesirow's comprehensive fiduciary services, which combine robust monitoring and analysis of the plan's investment lineup with customized training and marketing programs.
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Under the 3(21) service, Mesirow Financial's Investment Strategies team will act as an investment fiduciary to the plan along with the plan sponsor, who maintains control over the plan's investment menu. Plan sponsors will be provided with an "Elite List" of investment options, which will be closely monitored by the quarterly Mesirow Financial POLICE Report. With the 3(38) plan, in addition to the quarterly reporting, Mesirow Financial's Investment Strategies team assumes discretion for investment option selection, acting as the investment manager to the plan. Offering both fiduciary service options enhances the customization for plan sponsors, whose needs vary from plan to plan.
Mesirow Financial is a diversified financial services firm headquartered in Chicago. Founded in 1937, it is an independent, employee-owned firm with approximately 1,200 employees globally. The firm is well capitalized and has been consistently profitable, with capital of $302 million, revenues totaling $510 million for fiscal 2011 and $59 billion in assets under management, of which $32.7 billion are in currency and commodities as of Dec. 31, 2011.
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