Partner Julie Stapel spoke with PlanSponsor for an article about ways in which employers can improve their retirement plan governance. Julie discussed best practices for committee meetings, noting that clients of the firm typically meet each quarter.
While ERISA does not specify a specific number or schedule for committee meetings, Julie noted that “we counsel clients that meetings should be frequent enough that committee members, at any given point in the year, have a reasonably good sense of what’s going on with the plan.”
With respect to ongoing compliance, Julie said that working with ERISA counsel can help a committee put in place an overall fiduciary governance structure. “One method is to start with a fiduciary-governance audit,” Julie noted.
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