Retirement plan governance is the system through which key decisions are made about strategy and operations, including plan design, administration and investment choices. Typically, at the core of plan governance is an official plan governance committee.
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Secondly, what does a retirement committee do?
An increasing number of organizations, regardless of their size, are now using retirement plan committees to oversee their 401(k) and 403(b) plans. … It allows for documentation of all plan fiduciary decisions. It helps ensure there is a process in place for making decisions that are in the best interest of participants.
Herein, how often should a 401k Committee meet?
Furthermore, what is a 401k charter?
Your Charter committee will describe your Board’s authority to delegate the responsibilities of fiduciary as well as any other committee responsibilities. …
Is a plan sponsor a fiduciary?
Inside you will find valuable information on important topics that may help you make decisions about your retirement plan. One of the most important duties you have as the sponsor of your company retirement plan is your fiduciary responsibility to act in the best interests of plan participants.
The objective of a fiduciary committee is to make, or assist the plan sponsor in making, fiduciary decisions.
The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry to provide protection for individuals in these plans.