A 3(16) fiduciary is responsible for managing day-to-day administrative work for a 401(k) plan. Betterment will partner with you to perform administrative duties including preparing Form 5500, processing force outs, drafting and amending plan documents, and more. A 3(38) fiduciary is an investment manager. Betterment will be responsible for selecting, managing, monitoring, and benchmarking the investment offerings of your 401(k) plan. Learn more about how Betterment partners with you to fulfill fiduciary responsibilities here.