Sponsors need to know several things when considering the type of advisor to hire. (Photo: Shutterstock)
The House of Representatives recently passed legislation that would make it easier for small companies to offer retirement plans —and that means a new wave of business owners, finance executives and HR managers will soon be learning about the nuances between 3(38) and 3(21) fiduciary services.
The House legislation, called the Secure Act, includes a provision to simplify the process for small businesses to band together and offer defined contribution plans. It also opens the door for part-time workers to become eligible for retirement benefits.
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