Fiduciary Governance in Retirement Plans

This guide addresses fiduciary governance within retirement plans, outlining essential responsibilities and best practices for fiduciaries. It begins by defining who qualifies as a fiduciary and the implications of that role, particularly in relation to making decisions about service providers, investments, and plan administration. The document emphasizes the importance of fiduciary training for compliance with ERISA regulations, detailing how such training can help fiduciaries understand their obligations and stay informed about changes in laws and investment options. Furthermore, it discusses the structural elements necessary for effective fiduciary governance, including the formation of committees, regular meetings, and the maintenance of meeting minutes. The guide also highlights the significance of an Investment Policy Statement (IPS) as a tool for guiding investment decisions and ensuring compliance. Lastly, it underscores the necessity of utilizing knowledgeable advisers to navigate complex investment issues and maintain reasonable compensation for service providers, thereby safeguarding the interests of plan participants.