Retirement Plan Governance | Understanding the role of a benefit plan committee

Retirement plan sponsors and other plan fiduciaries face harsh consequences if they fail to satisfy the stringent standards set forth under ERISA. The best way for fiduciaries to protect and defend against the severe liabilities to which plan fiduciaries can become subject for ERISA violations, is developing a clear awareness and understanding of the relevant fiduciary rules and ensuring the plan’s operation is consistent with these requirements. As explained below, the plan committee — that is generally responsible for operating the plan — is the party whose actions are critical for minimizing potential exposure to fiduciary violations that could lead to DOL enforcement and/or private litigation.

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