March’s Retirement Report has four main topics. The first speaking to investment policy statements. And though a written investment policy statement (IPS) is not explicitly required by ERISA, it is considered a best practice to create, and update, one to assist in guiding fiduciaries in making plan-related investment decisions.
Part II simply lists plan participant perspectives on risk. Quite eye opening.
Part III defines the 6 categories of fiduciaries.
And finally “what constitutes proper documentation of retirement plan committee meetings? With most retirement plans the fiduciary responsibility of selecting and monitoring the plan’s menu of investments is designated to a retirement plan investment committee. This committee usually includes financial officers and human resources officers of the employer. The committee meets periodically (anywhere from annually to quarterly) to consider agenda items including investment due diligence, fees and services of plan providers, status of plan goals, etc. From a fiduciary perspective it is just as important to properly document these meetings as it is to hold the meetings. March 2014
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