PlanPILOT’s involvement with plan governance provides a significant value-add, as we draw on our extensive knowledge of industry best practices, guidance from the DOL, ERISA counsel, and case law to provide foundational documentation and fiduciary training to each of your retirement plan committee members.
In today’s regulatory environment, it is critical to address new risks and challenges through strong governance; however, even the most diligent employers and vendors make mistakes. Since courts focus on procedural prudence, fiduciaries must consider their underlying process, procedure, and documentation when making decisions. In short, your best defense is good plan governance.
Retirement plan governance is about more than just fiduciary responsibility. Plan governance encompasses all of the duties, responsibilities, and actions connected with the establishment and administration of the plan and the management of the plan assets. Case law has made it clear that following a clearly defined process will better position your organization when your decisions are called into question.