In continuation of our fiduciary prudence series, the next issue of importance in complying with one’s duties as a plan fiduciary should be establishing and maintaining a retirement plan committee. The following questions will be answered in this blog post:
1. How can a retirement plan committee help manage the fiduciary oversight of a plan?
2. Who makes a good retirement plan committee member?
3. What should a committee meeting agenda be comprised of and how should committee meetings be properly memorialized?
So let the fiduciary governance discussions begin!
How can a Retirement Plan Committee help manage the fiduciary oversight of the plan?
As you may know, serving as a plan fiduciary can be a daunting task, one with a lot of risks and requirements. In fact, there are so many requirements and such a concern of risk, that one common way to reduce the fiduciary burden on one individual is by spreading the wealth of duties to other qualified individuals through the formation of a retirement plan committee.Continue reading