As a plan sponsor, there are certain strategies you should employ when building your retirement plan committee. These committees are essential for keeping your plan compliant and serving your participants well.
When it comes to committee strategy, Julie Doran Stewart shared how some of her clients opt to create a committee charter that "outlines not only the roles and responsibilities, but who it is that is designated to the committee and what those commitments and timing on the committee look like." To help break ties and accurately represent the employee base, Julie recommends having an odd number of voting members and promoting discussions between different committees. This can help ensure everyone is kept up to date.
"You may have people with financial expertise but not a lot of benefits experience—so it can be a better use of time to separate the two groups to focus on their areas."
Interested in learning more? Check out the full PLANSPONSOR article here.
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