Have you established a retirement plan committee? Do you struggle with what your committee should review during meetings?
Contained within this post are best practices for establishing your committee and a checklist of review items you should be talking about at committee meetings.
Best Practices for Establishing Your Retirement Plan Committee
Establishing a retirement plan committee is a prudent starting point for any fiduciary looking to improve plan compliance and outcomes.
- A committee member should typically come from senior Human Resources, Finance, Operations, and Business Owners.
- The committee should be made up of three or five members (better to have odd numbers for voting decisions).
- Once the committee is established, it is important that the committee meets at least quarterly and has a documented decision-making process.
Review Items for Committee Meeting
What should the committee discuss? There can be an overwhelming number of items to review during a meeting, especially when getting started. As a resource, download and use this checklist for review during your next retirement plan committee meeting:
Note: For sample purposes only. Fiduciary Education and ERISA SMART does not take any fiduciary liability by providing this tool/worksheet. A committee will want to establish review and planning procedures unique to their plan.