To help ensure the correct documentation is used for qualified plan business, ESI Suitability has updated its guidance regarding ERISA Disclosure and Agreement requirements.
The updated ERISA Disclosure Matrix provides a quick-reference guide to help determine which disclosure or agreement form is required based on plan type, vendor relationship, and service model. The matrix covers defined benefit and defined contribution plans, including non-managed plans, solicitor arrangements, turnkey advisory solutions, and Empower and Vestwell plans.
Using the appropriate ERISA disclosure form is an important part of the suitability review process and can help avoid delays in processing qualified plan business.
Common Forms Included in the Updated Guidance
ES0617 – ERISA Agreement – Third Party Asset Manager
Used for defined contribution or defined benefit plans managed by a third-party manager, such as Maple, AssetMark, Freedom, or Brinker.
ES0625 – Consulting Agreement for Defined Benefit or Pooled ERISA-Governed Plans (Non-Advisory)
Used for defined benefit plans using a turnkey solution with commissionable shares.
ES0626 – Non-Advisory Agreement for ERISA-Governed Plans
Used for defined contribution plans using a turnkey solution with commissionable shares.
ES0721 – Investment Advisory Agreement for ERISA-Governed Plans
Used for defined contribution or defined benefit plans using a turnkey solution with advisory shares.
ES0764 – Investment Advisory Agreement for ERISA-Governed Plans Empower Retire Complete
Used for Empower and Vestwell plans.
We encourage all financial professionals working with qualified plans to review the updated matrix and reference it when preparing new business submissions.
Questions? Contact ESI Suitability at 800-344-7437, option 2, then 5, then 2 for assistance.
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