The Advantages And Disadvantages Of Hiring A 3(21) 401(k) Retirement Plan Adviser

Are you responsible for keeping the wheels rolling on your company’s 401(k) plan? It’s probably not your main job, and that’s the problem.

Supersize firms can afford to hire dedicated staff to manage and administer their 401(k) plan. You can’t. And if it’s your own firm, you may not want to.

You may prefer keeping things small and manageable.

In fact, when it comes to your 401(k) plan, there’s a popular solution that allows you to benefit from professional expertise while still keeping your hands on the wheel.

It’s called a 3(21) adviser.

“A 3(21) investment provider has limited fiduciary liability and investment responsibility on a retirement plan (sharing it with the plan sponsor);” says Deborah Castellani, a Senior Fiduciary Strategist and Sales Trainer at Akros Fiduciary Management in Austin, Texas.

You might not know the precise details of the code where “3(21)” comes from. You should, however, be familiar with the advantages and disadvantages of hiring a 3(21) adviser for your company’s retirement plan.

Source link

Share with your friends!

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *

Get The Best Financial Tips
Straight to your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.