Chicago partner Michael Rosenbaum and Los Angeles partner Summer Conley published their second article in a series for PLANSPONSOR magazine covering ERISA fiduciary responsibilities for retirement plan committee members. The article titled, “Structuring a Plan Committee: Who should participate?” provides guidance on who should be on a retirement plan committee.
When selecting committee members, they state that potential members should demonstrate a willingness to be involved and have education and experience consistent with evaluating plan investments, reviewing service providers and considering plan administration. Including a short educational component will also help committee members have the background they need to make plan decisions.
They also recommend that committees forgo including the company’s general counsel in committee membership, and instead have that person serve as an adviser to the committee.