ERISA Fiduciaries: Making Sense of All The Numbers

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In the Golden Age of Boxing, there was one world champion. Whether it was Joe Louis or Rocky Marciano as the heavyweight kingpin or Sugar Ray Robinson as middleweight crown holder, you knew who was champion. There was one sanctioning organization called the National Boxing Association (NBA), so there was one champion for each weight class. The NBA became the World Boxing Association (WBA). Then the World Boxing Council (WBC) was formed with its own champions. Years later, the International Boxing Federation (IBF) and the World Boxing Organization (WBO) had their own champions as well. Apparently there is also the IBU, IBA, and WBF. It’s starting to become an alphabet soup of boxing champions. I’m sure plan sponsors feel the same way of plan sponsors offering their services as independent ERISA fiduciaries. Most plan sponsors don’t know the difference between an ERISA §3(16), ERISA §3(21), and ERISA §3(38) fiduciary, it becomes a number soup of its own, So this article is going to break down what a fiduciary is and what these fiduciary number actually means.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ary Rosenbaum, The Rosenbaum Law Firm P.C. | Attorney Advertising

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