Mesirow Teams with CPI in Fiduciary Services

July 2, 2013 ( – The investment strategies group of Mesirow Financial rolled out 3(21) and 3(38) ERISA fiduciary services through CPI Qualified Plan Consultants Inc.

These Employee Retirement Income Security Act (ERISA) fiduciary services are available within CPI’s ClearDirection 401(k) retirement program, which offers guidance, fee transparency and preferred level of fiduciary support to plan sponsors and advisers.

Part of the ERISA Section 3(21) service is Mesirow’s elite list of approved investment options that allows plan sponsors and advisers to build a customized investment lineup while mitigating their fiduciary risk. The ERISA Section 3(38) service offers three investment lineups suitable for the specific demographics of plan participants, and Mesirow Financial assumes full discretion for selecting, monitoring and replacing investment options.

Michael Annin, senior managing director of the investment strategies group at Mesirow Financial, called the service an adviser-friendly fiduciary solution that complements CPI’s ClearDirection program, which was introduced in May (see “CUNA Mutual Group Introduces 401(k) Program”).

One focus of the ClearDirection program is creating better participant outcomes, according to Paul Chong, a leader in retirement solutions at CUNA Mutual Group. “We want to provide employees with a different approach to retirement savings, one that stacks the deck in their favor, not one that makes it seem hard,” Chong said.

Mesirow Financial is a diversified financial services firm in Chicago. CPI Qualified Plan Consultants is a member of CUNA Mutual Group.


Jill Cornfield