Transamerica Announces Availability of ERISA Section 3(21) Fiduciary Service

October 24, 2011 ( - Transamerica Retirement Services has introduced the availability of a new ERISA Section 3(21) fiduciary service to help retirement plan advisers and sponsors mitigate investment fiduciary risk. 

With this fiduciary service, the Investment Strategies group at Mesirow Financial provides plan-level investment advice related to the selection and monitoring of the plan’s investment line-up. Mesirow Financial acts as an investment fiduciary to the plan along with the sponsor, who maintains ultimate control over the plan’s investment menu.

According to a press release, Mesirow Financial independently analyzes Transamerica’s investment platform, creating an “Elite List” of approved investments for sponsors seeking ERISA Section 3(21) fiduciary coverage. Sponsors must choose at least one Elite List investment in each of five designated, core asset classes in order to maintain coverage. Alternatively, the sponsor may use one of Mesirow Financial’s suggested, sample investment line-ups based on the plan’s demographics.

For more information, financial advisers and plan sponsors can call Transamerica at 888-401-5826.