A retirement committee charter will typically delineate responsibilities for the plan generally, oversight of testing, and oversight of service providers, including a review of fees.”
Moreover, what does a retirement committee do?
An increasing number of organizations, regardless of their size, are now using retirement plan committees to oversee their 401(k) and 403(b) plans. … It allows for documentation of all plan fiduciary decisions. It helps ensure there is a process in place for making decisions that are in the best interest of participants.
Accordingly, how often should a 401k Committee meet?
Is a fiduciary?
A fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients’ interest ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other’s best interests.
What is a fiduciary committee?
The objective of a fiduciary committee is to make, or assist the plan sponsor in making, fiduciary decisions.