Plan sponsors have a fiduciary responsibility dictated by ERISA to regularly conduct retirement plan committee meetings to review the performance of the plan, the plan's service providers and costs related to the plan. It is important to prepare minutes of the meeting proceedings as proof of the committee's fiduciary process.

 

Reish & Reicher recently posted "Common Mistakes in Preparing Plan Committee Minutes", a brief and practical article on what to include and what to leave out of plan committee minutes.  According to the article's author, Bruce Ashton, "In our experience, committees frequently fail to treat the preparation of minutes of their meetings with the importance they deserve...make sure that you address the issues, reach decisions...and then record the results."

 

Contact us with questions about plan sponsor fiduciary responsibilities.