Fiduciary Committee Structure
- Composition: HR, finance, legal, and senior leadership (CFO or COO)
- Meeting frequency: Quarterly at minimum; annually for comprehensive review
- Agenda: Plan costs, vendor performance, compliance, and strategic initiatives
- Documentation: Detailed meeting minutes documenting decisions and rationale
- Advisors: ERISA counsel and benefits consultant as advisors (not fiduciaries)
- Training: Annual fiduciary training for all committee members
Meeting Documentation
Fiduciary committee meeting minutes are the primary defense in litigation. Minutes should document: (1) who attended; (2) what was reviewed (plan costs, vendor performance, compliance); (3) what decisions were made; (4) the rationale for decisions; and (5) any follow-up actions. Vague minutes ("discussed plan performance") are not sufficient — document specific findings and decisions.
Annual Fiduciary Review
Pro Tip
Conduct an annual comprehensive fiduciary review that covers: (1) plan cost benchmarking; (2) vendor performance evaluation; (3) compliance review; (4) fiduciary training; and (5) plan document review. Document the annual review in detail. This annual review demonstrates that the fiduciary committee is actively fulfilling its duties — the most important element of a fiduciary defense.