Committee Governance
LHD Retirement understands that your retirement plan is a critical component of your employee benefit program, as well as a critical component of your employees’ long-term financial future. With the amount of government regulation and oversight of these plans, we take pride in assisting our clients in properly designing and operating their plans in compliance with the Internal Revenue Code and DOL regulations currently in place, as well as future ones.
We lead clients through the process of creating a system of plan governance to ensure that they meet their fiduciary requirement of compliant operations. In our view, a plan committee is the best and most common approach to good governance. Committees will frequently have between five and nine members, and will have key responsibilities which may include, but are not limited to, the following:
- Facilitating and promoting the benefits of the plan among employees,
- Designing the plan investment menu, and monitoring the menu periodically over time,
- Approving plan administrative and investment policies,
- Procuring plan services, and evaluating the performance of such service providers,
- Monitoring the expenses being charged to the plan as well as the services delivered for each expense.
Committees should have a charter which delineates the responsibilities and meeting frequency of the group, as well as a list of its members who should sign off individually to accept their role.
Our commitment to our clients is to come alongside them to assist in fulfilling their role as fiduciaries to the plan. Our plan governance tools enable us to do this for each one of our clients.
