Products April 27, 2011
Mutual of Omaha Expands Fiduciary Services to Retirement Plans
April 27, 2011 (PLANSPONSOR.com) - Mutual of Omaha said it will begin offering a new plan-level fiduciary service option to its retirement plan customers.
Reported by Rebecca Moore
The firm will provide Mesirow Financial’s new investment manager service, which has been developed to address plan sponsor needs under section 3(38) of the Employee Retirement Income Security Act (ERISA) at the individual plan level. This new offering, if selected by a plan sponsor, gives Mesirow Financial, an ERISA 3(38) Investment Manager, the authority to select and monitor investment options for a plan.
According to a press release, this solution expands and complements the existing 3(21) co-fiduciary service Mutual of Omaha has offered in conjunction with Mesirow Financial since 2007.
The announcement said the most notable difference between the 3(21) and the 3(38) fiduciary services is that Mesirow Financial, through a menu-driven approach, provides advisers and plan sponsors with multiple investment line-ups to choose from under the 3(21) service; and with the 3(38) investment manager service, Mesirow Financial assumes full responsibility for developing investment guidelines and acts as the investment manager to the plan.You Might Also Like:

District Court Rejects ERISA Lawsuit Against Olin Corp.
The U.S. District Court for the Eastern District of Missouri has ruled in favor of the defendants in an Employee...

$3.5M Settlement Reached in Coca-Cola Consolidated ERISA Suit
The settlement also includes ‘meaningful non-monetary relief’ related to the ongoing management and administration of the company’s defined contribution plan.

Fiduciary Diligence Demanded as CITs Shine
A significant regulatory concern is that banks should not simply “rent their charters” to third-party registered investment advisers seeking to...
« Former Senate Finance Committee Counsel Joins Venable Law Firm