Pan-American Offers Co-Fiduciary Role with Plan Sponsors

According to a company announcement, Pan-American will take on joint responsibility for a plan’s mutual fund selection made according to Pan-American’s recommended due diligence. The new offering is in addition to its 401(k) plan offerings, the firm said.

Pan-American officials said they were also talking with participating fund companies to work out how Pan-American can become a plan’s fiduciary when plan sponsors use its fiduciary liability management program.

Pan-American said plan sponsors can help safeguard their companies from fiduciary liability by:

• being aware of the fiduciary role played by each party involved in the 401(k) plan
• choosing investments for the plan based on a prescribed Prudent Man approach
• providing consistent investment monitoring
• implementing and maintaining an investment policy statement
• educating participants
• holding regular due diligence meetings
• making investment changes as appropriate to protect the integrity.