30TH ANNIVERSARY | GOVERNANCE TYPES OF THIRD-PARTY FIDUCIARIES 3(16) While they generally retain some residual fiduciary responsibility, says Andrew Oringer of The Wagner Law Group, plan sponsors have several options if they want to hire outside providers to help fulfill their plan's required fiduciary duties: f3(38) iduciary This is an investment manager, with discretion over the making of investment decisions; it has the ultimate responsibility for deciding which investments will appear in the retirement plan lineup. f3(21) iduciary This is a type of adviser who gives specific investment recommendations; however, the plan sponsor or other responsible fiduciary remains ultimately responsible for making the decisions about which investments will appear in the plan lineup. fiduciary This could be a consultant, recordkeeper, third-party administrator or other service provider with discretionary authority or responsibility over the administration of the plan. This kind of fiduciary generally focuses on plan administration, not investments, and therefore can take on duties that include tracking employee eligibility for participation, fixing operational errors and sending required notices tohttp://www.PLANSPONSOR.COM