‘316’ An ERISA Section 3(16) fiduciary acts as THE plan administrator. The 3(16) administrator is responsible for managing the day to day operation of the plan. The duties of the plan administrator are set by ERISA and the terms of the plan document.
‘321’ A 3(21) investment adviser is a co-fiduciary role, whereby an adviser provides advice to an employer with respect to funds on a 401(k) investment menu, and the employer retains the discretion to accept or reject the advice
‘338’ A 3(38) advisor has the discretion to make fund decisions.
‘Plan Fiduciary’ Fiduciary Responsibility falls on any Individual or entity with discretionary authority over a 401(k) plan’s administration or investments is considered a “fiduciary” to that plan.401(k) plan fiduciaries ordinarily include the employer, trustees, and investment advisers.
‘Trustee’ A trustee of a qualified retirement plan is the entity or group of individuals who hold the assets of the plan in trust. Trustees are either designated in the plan document or appointed by another fiduciary, typically the employer who sponsors the plan.
‘Plan Administrator’ 401(k) plan administrators make sure that retirement plans follow the rules and help everybody save for retirement. They work with legal documents, perform analyses and tests, and monitor plan operations. 401(k) plan administration fees may be paid by employers, participants, or some combination of both.
‘Plan Custodian’ An employer who establishes a 401k plan for the benefit of its employees has a responsibility to operate that plan following all regulatory requirements. The plan must appoint a custodian, or trustee, to ensure that this is done. The custodian has many responsibilities in this process.
definitions