PLANSPONSOR - November/December 2024 - 26
INVESTMENTS
Build and Equip
M
embers of a retirement plan committee serve a critical
role in any company's benefits program-from
making decisions about the investment lineup and
provider partnerships to, ultimately, upholding the Employee
Retirement Income Security Act.
Not only are committee members key decisionmakers, but
they are also fiduciaries and must ensure prudent plan management.
Thus, their ongoing education and training is vital, as they
must understand ERISA's requirements, litigation trends, the
importance of documentation and much more.
As to decisionmaking, Gregg Levinson, vice president of
workplace consulting at Fidelity Investments in Philadelphia,
explains that ERISA requires specific, informed decisionmaking
for the benefit of the plan and the participants. The oversight of
the plan, he says, is " distinguished from the business. "
" Plan design-that's a business decision, " Levinson says.
" Operating [and] administering the program is a fiduciary decision. "
For example, he says, the business will decide to have a
401(k) plan that matches 6% of pay, but it is the fiduciary's duty to
implement the plan and ensure that it operates properly.
" The role of the fiduciary ... is the linchpin in effectively
and legally running the program, " Levinson says. " It breaks
26 PLANSPONSOR.COM November - December 2024
Art by Andrea D'Aquino
Both company and public plan committees need diversity, good education
down into very key areas: It's compliance, it's plan administration,
it's the investments. "
Who to Appoint?
When establishing a retirement plan committee, plan sponsors
should aim to include people from throughout the organization,
to represent the diversity of its employee population.
Employees need no special skills to be a member, Levinson
says, observing that, for a specific proficiency, a committee should
hire an investment adviser, consultant, attorneys or actuaries.
" The committee doesn't require expertise, but I think it does
require a diverse experience, " Levinson says. " You want to have
various voices representing the company. " He says a balanced
committee has members from human resources or benefits-
the head of benefits typically chairs the committee-and from
finance, as well as various other business leaders.
Mark Olsen, managing director of PlanPILOT, a retirement
plan consulting company in Chicago, recommends that a company's
chief financial officer or vice president of finance sit on the
committee, as people in those roles know investing.
Sponsors might also want to include the organization's
natural leaders or people who have expressed interest in the plan,
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PLANSPONSOR - November/December 2024
Table of Contents for the Digital Edition of PLANSPONSOR - November/December 2024
Insights
Participant analysis
Rules and regulations
Upfront
The Retirement Industry 2024
PLANSPONSOR DB Administration Survey
Plan Sponsors in Conversation
Build and Equip
SECURE 2.0’s New Match
2025 ERISA Plan Compliance Calendar
Counting the Costs
A Provision Review
SCOTUS to Decide
Helping Transient Workers Save
PLANSPONSOR - November/December 2024 - Cover1
PLANSPONSOR - November/December 2024 - Cover2
PLANSPONSOR - November/December 2024 - 1
PLANSPONSOR - November/December 2024 - Insights
PLANSPONSOR - November/December 2024 - 3
PLANSPONSOR - November/December 2024 - Participant analysis
PLANSPONSOR - November/December 2024 - 5
PLANSPONSOR - November/December 2024 - Rules and regulations
PLANSPONSOR - November/December 2024 - 7
PLANSPONSOR - November/December 2024 - 8
PLANSPONSOR - November/December 2024 - 9
PLANSPONSOR - November/December 2024 - Upfront
PLANSPONSOR - November/December 2024 - 11
PLANSPONSOR - November/December 2024 - 12
PLANSPONSOR - November/December 2024 - 13
PLANSPONSOR - November/December 2024 - 14
PLANSPONSOR - November/December 2024 - 15
PLANSPONSOR - November/December 2024 - The Retirement Industry 2024
PLANSPONSOR - November/December 2024 - 17
PLANSPONSOR - November/December 2024 - 18
PLANSPONSOR - November/December 2024 - 19
PLANSPONSOR - November/December 2024 - PLANSPONSOR DB Administration Survey
PLANSPONSOR - November/December 2024 - 21
PLANSPONSOR - November/December 2024 - 22
PLANSPONSOR - November/December 2024 - 23
PLANSPONSOR - November/December 2024 - Plan Sponsors in Conversation
PLANSPONSOR - November/December 2024 - 25
PLANSPONSOR - November/December 2024 - Build and Equip
PLANSPONSOR - November/December 2024 - 27
PLANSPONSOR - November/December 2024 - 28
PLANSPONSOR - November/December 2024 - 29
PLANSPONSOR - November/December 2024 - SECURE 2.0’s New Match
PLANSPONSOR - November/December 2024 - 31
PLANSPONSOR - November/December 2024 - 2025 ERISA Plan Compliance Calendar
PLANSPONSOR - November/December 2024 - 33
PLANSPONSOR - November/December 2024 - 34
PLANSPONSOR - November/December 2024 - 35
PLANSPONSOR - November/December 2024 - Counting the Costs
PLANSPONSOR - November/December 2024 - 37
PLANSPONSOR - November/December 2024 - A Provision Review
PLANSPONSOR - November/December 2024 - SCOTUS to Decide
PLANSPONSOR - November/December 2024 - Helping Transient Workers Save
PLANSPONSOR - November/December 2024 - Cover3
PLANSPONSOR - November/December 2024 - Cover4
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