Managing the Plan’s Governance Process

ERISA imposes significant fiduciary responsibility on those who have plan oversight duties and fiduciary exposure to legal liability leaves little room for error when navigating the retirement plan governance process. To help clients manage their responsibilities our consultants take a pro-active approach to plan governance which includes, meeting with plan committees quarterly to address investment and compliance items, constantly upgrading their knowledge of issues related to retirement plans, keeping committee members aware of key issues, and implementing a documented process for decision making. In turn, documentation of the governance process serves as institutional memory for the committee and helps to establish procedural prudence.