Mira fiduciary 3(38) program

1. How would you
determined if we are
‘qualified experts’?
• As Enrolled Agents, CPAs and Responsible Plan Fiduciaries, we talk directly to and
represent CFOs to the IRS and Labor Department during investigations and examinations.
• Unlike almost all brokers and advisors who are ‘self-regulated’ under FINRA, we are
regulated Federally (by the SEC) and licensed, bonded and insured.
• Our attorneys, IRS Enrolled Agents & CPAs ensure plan compliance by analyzing the
Cost, Conflict & Compliance.
What is a ERISA
§ 3(38) Fiduciary?
• An ERISA§ 3(38) fiduciary is appointed by Plan Sponsor to manage the investment
process of the retirement plan.
• The 3(38) fiduciary becomes ‘solely’ responsible for the selection, monitoring and
replacement of plan investment options and the Plan Sponsor is relieved of the
responsibility for the 3(38) fiduciary’s decisions (FIDUCIARY RELIEF – ERISA §405(d)(1)).
• A 3(38) fiduciary is not a consultant who advises, recommends, assists or helps, rather the
3(38) is a decision-maker with fiduciary discretionary authority who ‘decides’ and is
solely responsible for investment decisions (plan level). Moreover, a monitoring fiduciary
who delegates to an appointee is not required to monitor the prudence of the individual
investments in the Plan.
Background on MIRA
MillenniuM Investment and Retirement Advisors, LLC (MIRA) is an unaffiliated
ERISA defined independent fiduciary to corporate qualified defined contribution
plans.
ERISA takes state trust law to the highest level--from ‘prudent man’ to ‘prudent
expert’ standards. From the DOL: “Unless fiduciaries possess the necessary
expertise to manage investments, they would need to obtain advice of qualified,
independent experts.” - U.S. Department of Labor Regulations § 2509.95-1(C)(6)
Description of
ERISA § 3(38)
Services
• Shall serve as an ERISA §3(38) defined ‘investment manager’.
• Provide discretionary investment management for the Plan in accordance with the Plan’s
investment policies and objectives. Investment Manager shall have the final decision-
making authority regarding the initial selection, retention, removal and addition of
investment options.
• Provide the selection of a broad range of investment options consistent with ERISA section
404(c) and the regulations thereunder.
• Provide an investment policy statement (IPS). The IPS establishes the investment policies
and objectives for the Plan.
Scope of ERISA
§ 3(38) Fiduciary
Services
• Monitor investment options by preparing quarterly investment reports that document
investment performance, consistency of fund management and conformance to the
guidelines set forth in the IPS and make decisions to maintain and/or replace investment
options.
• Provide discretionary investment advice to the Plan Sponsor with respect to the selection
of a qualified default investment alternative (“QDIA”) for participants who are automatically
enrolled in the Plan or who otherwise fail to make an investment election.
AIF Accredited Investment Fiduciary AIFA Accredited Investment Fiduciary Analyst CGMA Chartered Global Management Accountant
CFP Certified Financial Planner CPA Certified Public Accountant CIMC Certified Investment Management Consultant
EA IRS Enrolled Agent QKA Qualified 401(k) Administrator
MIRA’s
Professional
Designations