ERISA
3 (16)
PLAN ADMINISTRATOR FIDUCIARY SERVICES
& Plan Trustee
Services
Overview: Comprehensive Workplace 401(k) Services
ERISA Section 401(a) Named Fiduciary
A 402(a) Named Fiduciary is designated in the plan document as having the overall authority to control and manage the operation and administration of the plan. Most commonly, the Named Fiduciary is the ERISA section 3(16) Administrator.
ERISA Section 403(a) Trustee
A 403(a) Trustee is named in a 401k plan or trust document and has exclusive authority and discretion to manage and control plan assets.
ERISA Section 3(16) Administrator
A 3(16) Administrator is the person or entity “so designated” in the plan document. The employer is the default Plan Administrator if none is designated. The Plan Administrator is basically responsible for any fiduciary responsibility not assumed by the ERISA section 403(a) Trustee.
ERISA Section 3(38) "Investment Manager
A 402(a) Named Fiduciary is designated in the plan document as having the overall authority to control and manage the operation and administration of the plan. Most commonly, the Named Fiduciary is the ERISA section 3(16) Administrator.
ERISA Section 403(a)(1) "Directed Trustee"
A “Directed Trustee” is a type of trustee that lacks the discretion of a full 403(a) Trustee. A Directed Trustee holds plan assets, but does not control them – they are subject to the direction of the Named Fiduciary in accordance with the terms of the plan document and ERISA.
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