404(c) and invesment managers

[k man]

The ERISA Regs on 404© say that you must disclose the plans investment manager(s). Who are the referring to in the case of a cross-fund platform 401(k) with several families of mutual funds selected by a registered investment advisor that does not actually manage the funds? can there be several different investment managers as that term is defined in ERISA?

[Jon Chambers]

That requirement really only applies to separately managed accounts. It's not the mutual fund manager, and not the RIA. I'd simply list the funds offered, and consider that part of the disclosure done.

[QDROphile]

Is it possible that the manager of a "designated investment alternative" is a "designated investment manager"? The skills of the fund manager arguably have a lot to do with the performance of the fund.

On the other hand, a mutual fund manager is not normally an "investment manager" under ERISA 3(38).

[Jon Chambers]

While the name of the fund manager may be relevant information, I don't believe that it is required information under 404©. DOL regs make it clear that the fund manager is not a fiduciary to the plan, which he or she would be if they were a "designated investment manager". Similarly, DOL regs provide that fund holdings are not plan assets. So, my prior advice stands, unless I'm told otherwise.