PLANSPONSOR - October/November 2020 - 34

PS COACH
'Onboard' Education
How to train new committee members during the pandemic
T
raining new members of a retirement
plan committee is challenging
in any environment but is more
so during a pandemic, when many people
are working remotely. While under the
Employee Retirement Income Security
Act (ERISA), there is no fiduciary training
requirement, the extent to which the
members get trained is something the
Department of Labor (DOL) asks about
in its investigations.
Timothy Irvin, director and corporate
markets practice leader at Cammack
Retirement Group, in New York City,
says, " Thankfully, many people have
done a great job of adapting to our new
virtual environment. "
During the pandemic, whoever
delivers the onboarding training should
make it a point to be available to the new
members via a web-based video platform
or via telephone meetings. " When
onboarding a new committee member,
it's worthwhile to set up a separate call in
advance of any upcoming meetings with
the full committee, " Irvin says. " You can
use this opportunity to meet one-on-one
and dedicate time to review all key aspects
of the plan. With the wide array of virtual
platforms that allow you to share your
desktop, you can walk the new member
through the key documents to ensure they
have a firm understanding of them. "
Dannae Delano, a partner with The
34 PLANSPONSOR.COM October - November 2020
Art by Mar Hernández
Wagner Law Group, in St. Louis, says,
" The key to onboarding new committee
members in a virtual environment is to
make the process as interactive as possible. "
In lieu of working in person with the new
members, an adviser can ensure an interactive
process by encouraging them to ask
questions. " Having focused information
followed by Q&A's usually works best if
the training cannot be done in person, "
Delano says. " Also, if you send the plan
documents and written onboarding materials
in advance and make it known that
the new members should come to the
training with questions about them, it
helps encourage interaction. "
As to how to strike a balance between

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PLANSPONSOR - October/November 2020

Table of Contents for the Digital Edition of PLANSPONSOR - October/November 2020

Time to Take Stock
2020 DC Survey: Plan Benchmarking
Dangers of Debt
Everyone Has a Stake
ESG Across Asset Classes
'Onboard' Education
PLANSPONSOR - October/November 2020 - Cover1
PLANSPONSOR - October/November 2020 - Cover2
PLANSPONSOR - October/November 2020 - 1
PLANSPONSOR - October/November 2020 - 2
PLANSPONSOR - October/November 2020 - 3
PLANSPONSOR - October/November 2020 - 4
PLANSPONSOR - October/November 2020 - 5
PLANSPONSOR - October/November 2020 - 6
PLANSPONSOR - October/November 2020 - 7
PLANSPONSOR - October/November 2020 - 8
PLANSPONSOR - October/November 2020 - 9
PLANSPONSOR - October/November 2020 - 10
PLANSPONSOR - October/November 2020 - 11
PLANSPONSOR - October/November 2020 - 12
PLANSPONSOR - October/November 2020 - 13
PLANSPONSOR - October/November 2020 - 14
PLANSPONSOR - October/November 2020 - 15
PLANSPONSOR - October/November 2020 - Time to Take Stock
PLANSPONSOR - October/November 2020 - 17
PLANSPONSOR - October/November 2020 - 18
PLANSPONSOR - October/November 2020 - 19
PLANSPONSOR - October/November 2020 - 2020 DC Survey: Plan Benchmarking
PLANSPONSOR - October/November 2020 - 21
PLANSPONSOR - October/November 2020 - 22
PLANSPONSOR - October/November 2020 - 23
PLANSPONSOR - October/November 2020 - 24
PLANSPONSOR - October/November 2020 - 25
PLANSPONSOR - October/November 2020 - 26
PLANSPONSOR - October/November 2020 - 27
PLANSPONSOR - October/November 2020 - Dangers of Debt
PLANSPONSOR - October/November 2020 - 29
PLANSPONSOR - October/November 2020 - Everyone Has a Stake
PLANSPONSOR - October/November 2020 - 31
PLANSPONSOR - October/November 2020 - ESG Across Asset Classes
PLANSPONSOR - October/November 2020 - 33
PLANSPONSOR - October/November 2020 - 'Onboard' Education
PLANSPONSOR - October/November 2020 - 35
PLANSPONSOR - October/November 2020 - 36
PLANSPONSOR - October/November 2020 - 37
PLANSPONSOR - October/November 2020 - 38
PLANSPONSOR - October/November 2020 - 39
PLANSPONSOR - October/November 2020 - 40
PLANSPONSOR - October/November 2020 - Cover3
PLANSPONSOR - October/November 2020 - Cover4
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