FBS Securities: ERISA Compliance and Fiduciary Roles

FBS Securities is an RIA firm that complies with the ERISA regulations. It follows the fiduciary roles outlined in sections 3(16), 3(21), and 3(38), which are crucial for Employee Retirement Income Security Act (ERISA) compliance. Below is a brief description of each section and how we assist our clients:

3(16) Fiduciary

This individual is responsible for the comprehensive administration of the retirement plan, including activities such as filing government reports, ensuring adherence to plan documents, and maintaining records. They oversee day-to-day operations to ensure the plan meets all legal requirements.

3(21) Fiduciary

A 3(21) fiduciary offers investment guidance to the plan sponsor or participants but does not have discretionary control over the plan’s assets. They provide recommendations on investment options and strategies, sharing the responsibility for investment decisions with the plan sponsor.

3(38) Fiduciary

This individual serves as an investment manager with full discretionary authority to manage, acquire, or dispose of the plan’s assets. A 3(38) fiduciary assumes full responsibility for investment decisions, relieving the plan sponsor of liability for those decisions, provided that the fiduciary is prudently selected and monitored.