Notwithstanding our wide range of available services and our desire to give Plan Sponsors broad assistance in administering their retirement plans, there are certain services that Spectrum does not and cannot perform. These include the following.
Fiduciary Services
Spectrum does not provide any fiduciary services and Client and Trustee(s) hereby acknowledge and affirm that neither Spectrum nor any of Spectrum’s Officers, Directors or employees is Plan fiduciaries. Client and Trustee(s) further acknowledge and affirm that Spectrum does not serve as a named Plan Administrator, as defined under the provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
Client, as Plan Sponsor and Trustor, and/or Trustee(s) are responsible for all discretionary decisions relating to the Plan, including: interpretation of plan document provisions; evaluation of claims made by Participants for plan benefits; and investment of plan assets. Spectrum performs services in an advisory and administrative capacity only, and exercises no discretion as to the administration of the Plan and/or the management of Plan assets.
Investment Advice
Spectrum does not and will not offer or provide investment advice to Client, Trustee(s), and employees of Client or Plan Participants under any circumstances.
Legal Advice or Services
Although Spectrum provides certain legal documents, such as plan and trust documents, and forms, as a part of its services, such documents are specifically provided to Client and/or Trustee(s) for review by qualified legal counsel. Spectrum’s Officers, Directors or employees are trained in the legal requirements of retirement and other employee benefit programs and will exercise their best efforts to see that the services provided by Spectrum are compliant with relevant law. However, neither Spectrum nor any of Spectrum’s Officers, Directors or employees can take responsibility for specific compliance, in view of the fact that they are reliant upon Clients, Trustee(s) and other parties for correctness of information and data on which services are predicated.
