Role of Fiduciay

Identification/Designation of Fiduciaries

Identify ERISA named Fiduciary (ies)

Appoint Plan Committee (s)

Determine whether a single retirement committee or separate plan administrative and investment committees will be used

Select Members

Select members with Human Resources/Employee Relations expertise

Select a member from the Legal Department to serve as clerk/secretary

Select members with executive-level decision-making authority

Specific to investment matters or a separate plan investment committee

Select members with investment experience, such as from Treasury or Finance departments

Establish Procedures

Create/confirm written delegation of the role (i.e., plan administration and/or investment) to the committee(s)

Adopt procedures providing for formal requirements of meetings (e.g., frequency, quorums, voting rules, membership positions)

Conduct regular meetings

Keep detailed minutes of meetings, documenting attendance, matters considered, decisions made, etc.

Establish record-keeping procedures for meeting minutes and other documents considered at meeting

Specific to administrative matters or a separate plan administrative committee

Designate individual members or employees to act on behalf of the committee for routine matters

Conduct at least one annual meeting to review the overall “state of the plan” concerning administrative and record-keeping matters

Specific to investment matters or a separate plan investment committee

Require annual meeting for a comprehensive, in-depth review of fund performance and to decide on fund changes

Require periodic meetings for more general check-up on fund performance

If an investment policy statement (IPS) is adopted,