Co-Fiduciary Services

Fiduciaries, as defined by ERISA (The Employee Retirement Income Security Act of 1974), are required to exercise the skill of a "prudent expert" unless they hire a professional “with knowledge of such matters” to assist them (§404(a)). For many plan sponsors, this is a challenge, as they are not investment professionals and they face potential personal liability.

Most named fiduciaries are discouraged from spending extensive time on plan-related matters. With this in mind, proper operation of the plan requires the delegation of responsibility by the fiduciaries and reliance on competent “prudent experts.” In general, fiduciaries are not liable for a breach of duty if that duty has been specifically delegated to another fiduciary. This is particularly important for bundled plans where the profitability of the vendor depends on which funds are selected for the plan.

The persons selected as a co-fiduciary for the management or control of plan assets must satisfy ERISA qualifications and may only be a registered investment advisor, a bank, or a qualified insurance company. Furthermore, this co-fiduciary status must be acknowledged in writing.

MidAtlantic helps plan sponsors manage this risk by providing a systematic, prudent process that can significantly reduce potential fiduciary liability. Most importantly, as a registered investment advisory firm, MidAtlantic acknowledges its co-fiduciary status with respect to the plan in writing.

MidAtlantic has added significant value to our clients’ plans by:

  • Reducing Potential Fiduciary Liability
  • Improving Overall Investment Performance
  • Managing Plan Expenses
  • Designing Model Portfolios
  • Developing Customized Communication Programs

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Can We Help?

If you have friends or family members who need unbiased advice, please feel free to have them contact us.

We are available to provide an objective complimentary investment analysis of their current situation.

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MidAtlantic Capital Management, Inc.

11448 Robious Road

Richmond, VA 23235

Phone 804-272-9200

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