At SkyOak Wealth, we function as an investment fiduciary, sharing in the investment liability with the plan sponsor in either the ERISA 3(21) Investment Fiduciary & ERISA 3(38) Investment Manager capacity. The 21st definition (ERISA Section 3(21)) is the definition of fiduciary:
The 38th definition in the act (ERISA Section 3(38)) is the definition of an investment manager. An investment manager is a special type of fiduciary, one who has been specifically appointed to have full discretionary authority and control to make the actual investment decisions. The manager may select, monitor, remove and replace the investment options offered under the plan.