Should you establish a retirement plan governance committee?
Abstract: 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 committee. Although the Department of Labor (DOL) and IRS don’t require a plan governance committee, it’s widely considered a best practice. This article reviews what plan sponsors should know about setting up and maintaining a plan committee, while a short sidebar highlights ERISA’s “procedural prudence” standard.