Blog

Jon Evans

We are on the cusp of my favorite time of year – football season.  I have loved the game of football since I can remember.  The strategy behind different schemes and formations, the physical challenge, and the deep level of trust among teammates developed throughout a season.  Ultimately, football is a team sport.  Successful teams work together like a well-oiled machine and understand the importance of each position.

One of the most critical, yet underappreciated, positions on field is the offensive line.  A good o-line protects the quarterback from getting hit (and potentially injured) and sets the foundation for each play.  The relationship between the quarterback and his line is usually very tight.  A mutual respect exists because each knows they are better together.  In the retirement planning world, there are some things a plan sponsor can do to build a great offensive line that protects their quarterback (aka, their plan) and execute great plays that ultimately help the plan get to the end zone!

The Employee Retirement Income Securities Act of 1974 (ERISA) lays out three distinct fiduciary roles plan sponsors can hire to provide an extra layer of fiduciary protection.  They are:

  • ERISA 3(16) Plan Administrator – responsible for the selection and oversight of service providers, enforce and interpret the terms of the plan, and assume legislative duties.
  • ERISA 3(38) Investment Manager – responsible for the selection and monitoring of the plan investments, including fund selection and due diligence.
  • ERISA 3(21) Investment Advisor – responsible for non-discretionary investment advice and guidance to the plan sponsor, participants, and beneficiaries, including participant education, due diligence, and benchmark reporting.

For more information on these fiduciary roles, please visit: https://www.dol.gov/general/topic/health-plans/erisa

At Foster Group, we’ve helped structure a retirement plan platform around these roles that serve and protect our quarterbacks (plans).  If you would like to learn more about how to better protect your plan and shore up your ‘blind side’ – give us call for a complementary assessment.

PLEASE NOTE LIMITATIONS: Please see Important Advertising Disclosure Information and the limitations of any ranking/recognitions, at www.fostergrp.com/disclosures. A copy of our current written disclosure statement as set forth on Part 2A of Form ADV is available at www.adviserinfo.sec.gov.

PLEASE NOTE LIMITATIONS: Please see Important Disclosure Information and the limitations of any ranking/recognitions, at www.fostergrp.com/info-disclosure/. A copy of our current written disclosure statement as set forth on Part 2A of Form ADV is available at www.adviserinfo.sec.gov.