[wj]

I cannot speak for Captain401 but employers (the plan sponsor) can transfer their fiduciary duty to their investment advisor by electing 3(38) services rather than the standard 3(21) services. That doesn't remove all of the obligations of a sponsor but does remove their fiduciary duty on investment selection and monitoring. The advisor usually does charge an extra fee for this but I think it is going to be a standard thing very soon as employers prefer to offload that liability.

Finally a topic on HN that I can speak about!