As the Department of Labor is trying to expand the definition of fiduciary, which would have a substantial impact on defined contribution plan sponsors and providers, ING announced on Tuesday that it has expanded its fiduciary service offerings to help sponsors better navigate their responsibilities under the Employee Retirement Income Security Act (ERISA).
In partnership with Morningstar Associates, LLC, an investment advisory firm and provider of plan sponsor consulting services, ING will launch Portfolio Blueprint 3(38) to its retirement plan customers. Portfolio Blueprint will allow employers to give fiduciary authority to Morningstar Associates, a qualified "investment manager," for the selection, ongoing monitoring and replacement of the plan's investments. That means small and mid-sized companies that sponsor 401(k) retirement plans will be relieved of their fiduciary duty.
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