The roadmap to fiduciary success can often be found in documents created by the plan committee, for example, the investment policy statement (IPS), a fee and expense policy (FEP), and the agendas for the quarterly committee meetings. While the IPS and the FEP address specific issues and the process for making decisions about those issues, the purpose of the agendas is broader—to ensure that the committee covers all of their responsibilities and to allocate time to consider best practices. (For our purposes, “best practices” are steps that committees can take to improve their plans, but either aren’t required by law or exceed what the law requires.) This article focuses on a practical way to make sure that committees spend time each year on important issues that affect their plans.
The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.
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