Identification/Designation of Fiduciaries
Identify ERISA named Fiduciary (ies)
Appoint Plan Committee (s)
Determine whether a single retirement committee or separate plan administrative and investment committees will be used
Select Members
Select members with Human Resources/Employee Relations expertise
Select a member from the Legal Department to serve as clerk/secretary
Select members with executive-level decision-making authority
Specific to investment matters or a separate plan investment committee
Select members with investment experience, such as from Treasury or Finance departments
Establish Procedures
Create/confirm written delegation of the role (i.e., plan administration and/or investment) to the committee(s)
Adopt procedures providing for formal requirements of meetings (e.g., frequency, quorums, voting rules, membership positions)
Conduct regular meetings
Keep detailed minutes of meetings, documenting attendance, matters considered, decisions made, etc.
Establish record-keeping procedures for meeting minutes and other documents considered at meeting
Specific to administrative matters or a separate plan administrative committee
Designate individual members or employees to act on behalf of the committee for routine matters
Conduct at least one annual meeting to review the overall "state of the plan" concerning administrative and record-keeping matters
Specif ...