Centier Bank, a bank and trust company in the US, has selected Redhawk Wealth Advisors for Open MEP ERISA 3(38) investment management services.
AS per the agreement, Redhawk will take over the fiduciary responsibilities of the investments for the plan and participants.
Redhawk will be responsible for the selection, monitoring and replacement of the investments in the plan.
The investments will include low cost ETFs and Collective Investment Funds (CIFs) that are fully transparent, as well as model portfolios.
Centier’s Open MEP removes the employer as the plan sponsor and trustee for their company’s retirement plan. It reduces the employer’s fiduciary liability by transferring personal liability to an independent fiduciary.
James Boyd, vice president of wealth management at Centier Bank, said: "Our Open MEP provides the most fiduciary protection for the employer and eases the burden of running a retirement plan for small businesses."