Transamerica Retirement Services has partnered with the Investment Strategies group at Mesirow Financial to offer a new ERISA Section 3(21) fiduciary service to help retirement plan advisors and sponsors mitigate investment fiduciary risk.
As part of this service, Mesirow Financial will provide plan-level investment advice related to the selection and monitoring of the plan’s investment lineup. Mesirow Financial will act as an investment fiduciary to the plan along with the sponsor, who maintains ultimate control over the plan’s investment menu.
“This is a flexible, fiduciary solution for plan sponsors who want to reduce their fiduciary risk, and for advisors who do not currently offer fiduciary services,” said Stig Nybo, president of Transamerica Retirement Services. “Transamerica is offering small- to mid-market retirement plans and their advisors additional, professional tools to assist in managing the plan’s investment menu.”
With this fiduciary service, 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 to maintain coverage. Alternatively, the sponsor may use one of Mesirow Financial’s suggested, sample investment lineups based on the plan’s demographics.
“Our Fiduciary Partnership service provides enhanced investment due diligence to financial advisors and their retirement plan clients. Our independent, expert advice supports the plan’s decision makers regarding the plan’s investment menu,” said Michael Annin, senior managing director of the Investment Strategies group at Mesirow Financial.
Transamerica Retirement Services Corporation, headquartered in Los Angeles, designs customized retirement plan solutions to meet the needs of small- to mid-sized businesses. Mesirow Financial is a diversified financial services firm headquartered in Chicago.