Starting September 1, the fiduciary support and investment advisory services of SWBC, an independent registered investment adviser, will be available to plan sponsors who utilize The Guardian Advantage or The Guardian Choice as the funding vehicle for their participant directed qualified retirement plan. SWBC will act as a fiduciary under ERISA Section 3(21) to plan sponsors who select the service, and enter into an advisory services agreement with SWBC.
A press release said SWBC services can help mitigate a plan sponsors’ risk for selecting, monitoring and diversifying the investment options that are available under the plan. Plan sponsors who use The Guardian Advantage or The Guardian Choice will have the flexibility to choose an investment line-up that works for their plan. They can choose from one of the two focus lists of investment options or customize the menu of investment options for their plan.
With SWBC, plan sponsors will receive: a written commitment of SWBC’s fiduciary investment advisory services; help with developing an Investment Policy Statement for their plan; investment option selection in accordance with ERISA’s “prudent expert” rule and diversification requirements; and comprehensive quarterly investment monitoring reports and quarterly conference calls. These services are at no additional cost to plan sponsors, the plan, or plan participants.
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