Broker Check

Regularly Scheduled Committee Meetings

| May 20, 2024

Having established a committee but not having regularly scheduled committee meetings is potentially worse than not having a committee at all. If a committee is not established, the plan document will identify who the responsible fiduciaries are for the plan and they are responsible for prudent plan management.

If there is a group (Committee), charged with overseeing the activities of the plan and that group doesn’t meet regularly the plan is likely to be considered not properly managed, as required by ERISA law.

Committee meeting frequency may be a function of plan size, investment menu activities, expense monitoring and any other plan management necessities. Some of the smaller plans may meet only annually, larger plans (or plans requiring specific attention) may meet quarterly.

Committee meetings should always be documented as to items discussed, reason and rationale for plan/investment changes, and more as to evidence prudent plan management.