A 3(16) fiduciary is a service provider hired by an employer to manage the day-to-day administrative work for a 401(k) plan. What Does 3(16) Fiduciary Mean? The retirement industry has adopted the label “3(16) fiduciary” to describe 401(k) service providers who agree to take on fiduciary liability for administrative duties. 3(16) Fiduciary Service ProvidersAny 401(k) service provider that elects to offer fiduciary administrative services can be labeled a 3(16) fiduciary. Find the Fiduciary Help You NeedFrom day-to-day plan administration to investment management, there are several fiduciary options for employers looking for help with their 401(k) plan.

Source: Forbes May 25, 2023 13:11 UTC