Other Designated Fiduciaries

Some retirement plan platforms seek to provide some protection to employers with this responsibility by one of two means:
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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.
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Visit the U.S. Department of Labor’s website: Meeting your Fiduciary Responsibilities >
Commonly Asked Questions:

Yes, you can refer to our Program Annual Disclosure Document in the section entitled “ERISA and Fiduciary Obligations.”
We don’t believe it would have any value other than sales promotion. The Program offers the following meaningful documentation to serve as fiduciary authenticity: Program Annual Disclosure Document, Program Investment Policy, Program Report – outlining all of the Program’s oversight annually, and Retirement Plan Library – a binder to house all plan and compliance documentation.
Under prior rules, because the Self-Directed Brokerage Account allows plan participants to access a broad range of investment options, in addition to the Program’s designated options, your fiduciary responsibility outlined in section 404(c) of ERISA should be satisfied. To the extent new Department of Labor rules require any additional reporting, the Program will take necessary or appropriate action to facilitate compliance. To learn more about fiduciary considerations in offering a brokerage window, click here.

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For information on the features and benefits of the Program, including pricing, please call a Program representative at 800-826-8901.