Fiduciary Governance
For plans subject to ERISA or similar state law, a strong fiduciary governance structure is the bedrock of a successful retirement plan program. A sound framework limits fiduciary liability within the organization and empowers those delegated to proactively manage the plan to ensure its ongoing benefit to participants.
Proper governance is well documented, identifies the parties involved with the plan, delegates responsibilities to the appropriate parties, and creates a process to make decisions about vendors, services, fees, and investments.
Components of a successful fiduciary governance plan include:
- Initial fiduciary assessment
- Committee charter
- Board resolution
- Written acknowledgement of fiduciary duty
- Fiduciary governance education program
- Investment policy statement
- Fee policy statement
