A news release said that through this service, plan sponsors, who primarily offer 403(b) plans, may delegate many investment-related responsibilities to two independent industry entities to help ease their fiduciary burden:
- ExpertAdvice, offered in conjunction with Morningstar Associates, that will be available to current and prospective 403(b) plans that use MetLife Resources’ plan administrative services programs
- ProManage PROgram.
The ExpertAdvice component of ExpertSolution involves Morningstar Associates recommending and monitoring investment options for participating plan sponsors. Morningstar Associates will act as an investment advice fiduciary to those plan sponsors that fully implement its recommendations.
“A quality retirement plan is a valuable asset for any employer, but for plan sponsors, meeting their fiduciary obligations can be time-consuming and complex, particularly in selecting and monitoring appropriate funds,” said Stephen Foster, national marketing director, MetLife Resources , in the news release.