Plan committees have to meet

I used to joke that at the law firm I was at, that if the Managing Attorney wanted to bury a particular subject, she’d create a committee for it. Unlike a law firm committee or some organization’s fundraising committees, you have to hold these retirement plan meetings as a plan fiduciary.

Developing a process such as a retirement plan committee requires you to actually have them. Otherwise, it’s a breach of your fiduciary process and just a showing to everyone that you’re not up to it, as a plan fiduciary.

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