Other Designated Fiduciaries
Some retirement plan platforms seek to provide some protection to employers with this responsibility by one of two means:
Through a unique design, the ABA Retirement Funds Program provides employers with the most comprehensive protection from investment fiduciary liability under ERISA. Other providers of retirement plan platforms may claim that their platforms provide limited liability under ERISA because the providers of these platforms make available fiduciaries under Section 3(21) of ERISA or investment managers as defined in Section 3(38) of ERISA. Because of the way the Program is structured, these other designated fiduciaries are not necessary to protect employers from investment fiduciary liability under ERISA for those who engage the Program.