As a plan sponsor, you hear the numbers like 3(16), 3(21), and 3(38) thrown around. The selling of fiduciary services is big. Business over the last 10 years as plan providers want to assume some or all of the liability for parts of your plan.
The problem is that providers might be upselling their service and obfuscate that their service is paltry in terms of liability protection compared to other providers.
That is why it’s essential to have these materials service contracts reviewed because not all similarly titled services offer the same amount of liability protection.