ERISA Investment Management Services:
3(21) Fiduciary. GWM may act as a limited scope 3(21) fiduciary that can advise, help and assist Plan Sponsors with their investment decisions. The Plan Sponsor is still ultimately responsible for the decisions made in their plan, though using GWM can help the Plan Sponsor delegate liability by following a diligent process.
3(38) Investment Manager. GWM may also act as an ERISA 3(38) Investment Manager in which it has discretionary management and control of a given retirement plan’s assets. GWM would then become solely responsible and liable for the selection, monitoring and replacement of the plan’s investment options.
Duties of GWM:
- GWM can assist with or provide full discretionary authority regarding the initial selection, retention, removal and addition of investment options in accordance with the plan’s investment policies and objectives
- Assist the Client with the selection of a broad range of investment options consistent with ERISA Section 404(c) and the regulations thereunder
- Assist the Client in the development of an investment policy statement (“IPS”). The IPS establishes the investment policies and objectives for the Plan
- Fiduciary Management and Risk Mitigation
- Target Date Evaluation
- Investment Manager Due Diligence
- Plan Platform Reviews
- Plan Design Optimization
- Vendor Management
- Investment Mapping Strategies
- Investment Committee Governance
- Market Research & Insights
- Request for Proposal (RFP) Management