Transition to PNC Fiduciary Investment Services

The Mesirow Financial Fiduciary Partnership Service was discontinued effective December 31, 2016 for new clients and is being phased out for existing plans. If your organization is currently using this service, your Relationship Manager has contacted you to discuss your alternatives.

New Fiduciary Investment Services Introduced in October 2016

To assist plan sponsors with the growing burdens of their investment fiduciary responsibilities, PNC Retirement Solutions introduced Fiduciary Investment Services to provide two alternatives that can help with investment selection and monitoring:

  1. Our non-discretionary 3(21) Investment Advisory Service provides assistance with the selection and monitoring of the investment options offered to participants under your plan, while allowing you to maintain discretion over your plan’s investment lineup.

    The 3(21) Investment Advisory Service is included in the Vested Interest® bundle of defined contribution plan services at no additional cost. Plan sponsors are provided two approved lists of investment options – a broad list of fiduciary-approved investment options (“Covered List”) and a refined list of the top funds in each asset class (“Select List”).

  2. Our discretionary 3(38) Investment Management Service provides a choice of three types of investment lineups—Foundation, Intermediate and Broad—designed for varying investor styles and workforce demographics.  The lineups reflect PNC Bank’s highest conviction strategies for participant-directed investing.

With this service, PNC assumes full discretion for selecting, monitoring, and replacing, if necessary, the investment options offered to participants under your plan. The 3(38) Investment Management Service is available for Vested Interest customers for an additional fee.

Both Fiduciary Investment Services options are built on the work of an experienced and sophisticated investment research and due diligence team that employs a rigorous qualitative and quantitative screening process.

Plan sponsors will receive a quarterly Plan Performance Report, grading each fund in four categories: performance and risk, management, style, and expense.

Plan sponsors using our Fiduciary Investment Services can expect protection from liability arising from third-party claims asserting a failure to exercise the appropriate standard of care under the Employee Retirement Income Security Act of 1974, as amended (ERISA), with respect to the selection and monitoring of the plan’s investment lineup.  This protection is available when that lineup is built using the approved investment options offered through our Fiduciary Investment Services.

Plan sponsors should contact their Relationship Manager with any questions about the Mesirow transition and our Fiduciary Investment Services.

Get an overview of Fiduciary Investment Services

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Important Legal Disclosures and Information

The material presented in this newsletter is of a general nature and does not constitute the provision by PNC of investment, legal, tax, or accounting advice to any person, or a recommendation to buy or sell any security or adopt any investment strategy. Opinions expressed herein are subject to change without notice. The information was obtained from sources deemed reliable. Such information is not guaranteed as to its accuracy.

The PNC Financial Services Group, Inc. (“PNC”) uses the marketing name PNC Institutional Asset Management® for the various discretionary and non-discretionary institutional investment activities conducted through PNC Bank, National Association (“PNC Bank), which is a Member FDIC, and through PNC’s subsidiary PNC Capital Advisors, LLC, a registered investment adviser (“PNC Capital Advisors”). PNC Bank uses the marketing names PNC Retirement Solutions® and Vested Interest® to provide defined contribution plan services and PNC Institutional Advisory Solutions® to provide discretionary investment management, trustee, and other related services. Standalone custody, escrow, and directed trustee services; FDIC-insured banking products and services; and lending of funds are also provided through PNC Bank. PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC does not provide services in any jurisdiction in which it is not authorized to conduct business. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”). Investment management and related products and services provided to a “municipal entity” or “obligated person” regarding “proceeds of municipal securities” (as such terms are defined in the Act) will be provided by PNC Capital Advisors.

“Vested Interest,” “PNC Institutional Asset Management,” “PNC Retirement Solutions,” and “PNC Institutional Advisory Solutions” are registered service marks of The PNC Financial Services Group, Inc.

Investments: Not FDIC Insured. No Bank Guarantee. May Lose Value.