Description
An often overlooked aspect of qualified retirement plan operations is the need for a prudent and comprehensive governance process. Plan rules and procedures are often contained in a series of governing plan documents and service agreements. Plan officials are faced with analyzing and interpreting numerous documents from multiple entities. By creating a governance process, plan officials can help ensure plan operations are consistent and adhere to fiduciary standards.
Learning Objectives
• Understand the importance of a plan governance process
• Assist plan sponsors and committees in becoming better consumers of fiduciary services
• Identify and address actual and potential conflicts of interest
• Avoid the legal implications of inconsistent plan-related documents, service agreements and contracts
• Assess educational needs of committees and plan officials