3(38) Fiduciary Services

When it comes to managing institutional retirement plans, the role of a fiduciary is paramount. Washington Crossing Financial Group (WCFG) offers 3(38) fiduciary services so that your organization has access to experienced guidance and management for your retirement plans.

What is a 3(38) Fiduciary?

Section 3(38) of ERISA (Employee Retirement Income Security Act) applies to a fiduciary with discretionary authority over the investment decisions of a retirement plan. This means that a 3(38) fiduciary advisor has the legal responsibility to select, monitor, and replace investments within a plan, all while acting in the best interest of the participants. Unlike a 3(21) fiduciary, who must wait for approval before making decisions, a 3(38) fiduciary has full authority to act on behalf of the plan sponsor, eliminating delays and simplifying the decision-making process.

By engaging a 3(38) fiduciary, you have the assurance that the investment decisions made for your plan are not only compliant with ERISA but are also structured to meet the best interests of your participants. With WCFG's 3(38) plan services, you benefit from experienced management that helps optimize your investment strategy.

Why Choose WCFG for Your 3(38) Fiduciary Solutions?

WCFG’s 3(38) fiduciary solutions go beyond simple asset management. We act as an extension of your team, handling all aspects of your retirement plan’s investment decisions. By doing so, we help mitigate fiduciary liability for your organization while providing transparency, proficiency, and active management of your plan’s assets.

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How Does a 3(38) Fiduciary Advisor Benefit Your Plan?

A 3(38) fiduciary advisor offers several advantages to institutional plan sponsors, such as enhanced investment performance, reduced administrative burden, and more proactive management. WCFG’s experience and skill in institutional retirement plans check that your investments are aligned with the highest standards of care, prudence, and diversification. By removing the burden of decision-making from your organization’s internal teams, you allow them to focus on their core competencies, while we handle the complexities of retirement plan investments.

Frequently Asked Questions

What is a 3(38) fiduciary?

A 3(38) fiduciary is a professional fiduciary with discretionary authority over a retirement plan’s investments. They are responsible for selecting, monitoring, and replacing investments, all in the best interest of plan participants.

How does a 3(38) fiduciary differ from a 3(21) fiduciary?

A 3(21) fiduciary provides recommendations to the plan sponsor but cannot make investment decisions without approval. A 3(38) fiduciary, on the other hand, has full discretion to manage the plan’s investments.

What are the benefits of using a 3(38) fiduciary for my retirement plan?

Using a 3(38) fiduciary advisor removes the administrative burden from your organization, reduces fiduciary risk, and sees that you get timely, efficient investment management in compliance with ERISA standards.

Can a 3(38) fiduciary replace investments in the plan?

Yes, a 3(38) fiduciary has the authority to replace investments that are no longer suitable for the plan, so the portfolio remains optimized for the best outcomes for participants.

Get Started with WCFG’s 3(38) Fiduciary Services

If you’re looking for a trusted partner to manage your organization’s retirement plan investments, WCFG offers the experience and solutions you need. With our 3(38) fiduciary services, you can focus on running your business, knowing that your retirement plan is in capable hands. Contact us today to learn how our 3(38) fiduciary solutions can enhance the performance and security of your retirement plan.

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