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.