If you are looking for ways to improve fiduciary oversight and strengthen your company's retirement plan, a committee is one of the best places to start. Retirement plan committees manage one of the most important employee benefits – the retirement plan. They are integral to determining the plan's administration, investment offerings, costs, and enhanced features. Committee members provide fiduciary oversight for companies of all sizes.
So, how do you establish a committee?
Other Experts to Have on Hand to Advise the Committee:
DO have an appropriate committee size. Smaller organizations are more likely to have fewer than five members, while large organizations generally have between five and ten.2
Now that your committee is up and running, it's important to follow through on key responsibilities.
A successful retirement plan committee is key to a well-run retirement plan, but, most importantly, its outcomes can help employees toward achieving retirement security. Building and running a successful retirement plan committee doesn't have to be complicated. Follow these easy tips and contact us to get started today!
1. Bloomberg Law. "401(k) Fee Suits Flood Courts, Set for Fivefold Jump in 2020". Aug. 2020.
2. Plan Sponsor Council of America. "Retirement Plan Committees." PSCA.org. Apr. 2021.
3. Reish, Fred. "The New E-Delivery Rule: The Price of Simplifica- tion." ASPPA.org. 29 Jan. 2021.
4. Plan Sponsor Council of America. "Retirement Plan Committees." PSCA.org. Apr. 2021.
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