The choice is clear

It makes sense for the sponsor of retirement plans to hire an ERISA section 3(38) independent investment manager and transfer substantial fiduciary responsibility and liability to that qualified advisor. Sponsors that elect this course of action are no longer liable for selecting, monitoring and replacing plan investment options. These plan sponsors do, however, retain the responsibility to monitor the investment manager.

The other choices are to retain a:

Plan investment advisor that is an ERISA section 3(21) “co-fiduciary” and receive no relief from fiduciary responsibilities and liabilities for selecting, monitoring and replacing plan investment options; or

Non-fiduciary advisor and receive no relief from any fiduciary responsibilities and liabilities at all.

This choice is an obvious and easy one when plan sponsors are fully informed.