The “3s”—meaning 16, 21 and 38—are all the rage at the moment, and for good reason. Fiduciary regulation and fee litigation are driving more awareness, and hence demand, from 401k plan sponsors and advisors alike.
While confusion still exists over what they are (and specifically, which does what) more companies are forging win-win alliances to make sure industry player and participants are covered.
During the second quarter, Mesirow Financial’s 3(21) and 3(38) fiduciary partnership services went live with T. Rowe Price and are available through its retirement plan platforms.
Mesirow Financial claims it’s 3(21) and 3(38) fiduciary partnership services provide “significant benefits to both advisors and plan sponsors.”
“Our 3(21) service (‘help me do it’) is an investment advisory program that provides a broad menu of investment options of which MFIM takes fiduciary responsibility,” according to the company. “Taking that a step further, the 3(38) service (do it for me’) gives MFIM full discretion for selecting, monitoring and, if necessary, replacing investment options within plan lineups.”
“We’re excited to work with T. Rowe Price, its client plans and advisors,” Michael Annin, senior managing director with Mesirow, said in a statement. “We’ve developed a fiduciary service integrating our newest automation, technology, and reporting capabilities with their platforms to create a solution that supports and complements financial advisors.”