3(21) Fiduciary Agreement

When it comes to professional support with respect to the investment activities of a plan, a plan sponsor chooses between an agent of 3 (21) or an agent 3 (3), but does not retain both, since there is no rule preventing a plan from engaging an agent 3 (21) to give additional instructions, an agent 3 (38) already assumes responsibility and responsibility for the implementation of these decisions. This is not the case in practice. (For the most part, it would generally not be wise for someone who has been hired as a 3 (38) director to take responsibility for the investment themselves, and then hire their own 3 (21) directors in order to obtain investment advisory assistance.) An advisor who advises a pension plan at his discretion is defined in Article 3(38) of ERISA as an investment manager.