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Hope to hide from fiduciary risk? Fuggedaboutit

Firms offering 3(21), 3(38) and 3(16) services promise to help employers that sponsor retirement plans minimize their exposure but debate has raged over which is the best approach.

By Marlene Y. Satter | Updated on August 06, 2014
Alexandre Pavlata of France participates in the 2009 World High Wire Championships over the Han Gang River in Seoul, South Korea. Photo: Getty Images.

Looking for ways to minimize the fiduciary liability that comes from offering their employees a retirement plan, plan sponsors have historically turned to firms offering 3(21), 3(38) and, most recently, 3(16) expertise. Unfortunately for these sponsors, debate within the industry has raged over which approach is best and whether some of these service providers have the right qualifications. 

The Center for Due Diligence spotlighted the issue at one of the sessions at its annual conference in Texas last fall.

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