Sponsors of defined contribution retirement plans have somewhere new to turn if they’re seeking guidance on best practices—and something high on the list is the plan’s oversight committee.
The DC Plan Governance Survey from Callan LLC not only offers insights into what other DC plan sponsors are doing with regard to governance committees, but also provides a guide to best practices for the structure and composition of such committees, how often they should meet, what sort of agendas ought to guide those meetings and what kind of fiduciary training needs to be in place for members.
The study outlines steps sponsors can take to improve committee effectiveness, as well as highlighting the importance of a properly structured and resourced committee as a “critical foundation on which a DC plan thrives.”
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