Section 3 21 Of Erisa

And yet the services of these similarly named fiduciaries and the level of protection they provide are quite different.

Section 3 21 of erisa. 1 a person shall be deemed to be rendering investment advice to an employee benefit plan within the meaning of section 3 21 a ii of the employee retirement income security act of 1974 the act and this paragraph only if. The employee retirement income security act of 1974 erisa is the major law governing the operation of employee benefit plans. If he she renders investment advice for a fee.

Section 3 of erisa contains the definitions of the terms used in the act. Erisa requires plans to provide participants with plan information including important information about plan features and funding. Erisa section 3 21 investment advisor any individual can be a fiduciary under section 3 21 if he she exercises any authority or control over the management of the plan or the management or disposition of its assets.

3 21 also refers to an individual who renders investment advice in exchange for compensation and defines a fiduciary as someone with the ability to administer the plan. 1 a person shall be deemed to be rendering investment advice to an employee benefit plan within the meaning of section 3 21 a ii of the employee retirement income security act of 1974 the act and this paragraph only if. If he she has any discretionary responsibility in the administration of the plan or is named in the plan documents.

The employee retirement income security act of 1974 erisa is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans. The amendments made by subsection a amending this section shall take effect on july 8 1997 except that the requirement of section 3 38 b ii of the employee retirement income security act of 1974 section 1002 38 b ii of this title as amended by this act for filing with the secretary of labor of a copy of a registration form. Section 3 21 of erisa generally defines an erisa fiduciary as someone who exercises any discretionary authority or control regarding the management of an employee benefit plan or the disposition of its assets.

Section 3 21 of erisa defines a fiduciary as an individual who exercises any discretionary authority or control regarding the management of an employee benefit plan or the disposition of its assets. A fiduciary under section 3 21 also refers to someone who renders investment advice in exchange for compensation. 3 21 fiduciary a 3 21 fiduciary is an investment adviser and co fiduciary with the company fiduciary business owner board or named fiduciary.

Both 3 21 and 3 38 advisers accept fiduciary responsibility and adhere to erisa 404 a s duty to serve solely in the interest of plan participants and both have to meet the prudent man standard of care. Sets minimum standards.