We’ve formed a committee, but what is there to review?
First, start with an agenda. The agenda is the first step in engaging in a prudent process and it is evidence that a Committee is performing its duties. While there is no agenda that fits everyone, there are items that every Committee needs to include:
- Quarterly and annual investment reviews
- An annual review of the Investment Policy Statement
- A review of Plan fees to determine whether fees are reasonable
- Employee communication
- The personal duties and responsibilities of the Committee members
These are just some of the items that should be on your agenda. Anyone can serve on the Committee, but they need to be aware of their duties and responsibilities. The DOL is considering steps to ensure this occurs, including requiring fiduciary training. When was the last time your Committee was offered fiduciary training?
Learn more by contacting Epoch Consulting by email at firstname.lastname@example.org or by calling (800) 882-7537.
As it turns out, what’s good for your employees is good for you.