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April 28, 2011 at 11:13 AM
Mutual of Omaha announced Wednesday that it would expand on its partnership with Mesirow Financial, a Chicago-based diversified financial services firm, to offer a plan-level fiduciary service to retirement plan customers.
Section 3(38) of the Employee Retirement Income Security Act allows a plan sponsor to delegate responsibility and liability for selecting, managing and replacing investment options in a retirement plan to an RIA. Mutual of Omaha has offered an ERISA 3(21) co-fiduciary service with Mesirow Financial since 2007. Under Section 3(21), liability and responsibility remain with the plan sponsor, while the advisor advises.
Under Mutual of Omaha's 3(38) service, Mesirow Financial assumes full fiduciary responsibility for selecting and monitoring investments, and acts as the investment manager to the plan. Under the 3(21) service, plan sponsors can choose from a menu of investment options provided by Mesirow Financial.
