magnifying class focuses on world made of business people photos Sponsors need to know severalthings when considering the type of advisor to hire. (Photo:Shutterstock)

The House of Representatives recently passed legislation that would make it easier for smallcompanies to offer retirement plans —and that means a new wave ofbusiness owners, finance executives and HR managers will soon belearning about the nuances between 3(38) and 3(21) fiduciaryservices.

The House legislation, called the Secure Act, includes aprovision to simplify the process for small businesses to bandtogether and offer defined contribution plans. It also opens thedoor for part-time workers to become eligible for retirementbenefits.

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