June 26, 2017

Selecting and Monitoring: A Plan Committee’s Fiduciary Mandate

By Summer Conley and Michael D. Rosenbaum

Los Angeles partner Summer Conley and Chicago partner Michael Rosenbaum wrote a column for PLANSPONSOR titled, “Selecting and Monitoring: A plan committee’s fiduciary mandate.” The column is part of an ongoing series covering ERISA fiduciary responsibilities for retirement plan committee members. In this article, Summer and Michael discuss issues that should be considered when selecting and monitoring a recordkeeper.

They note that committees should consider whether services offered meet the plan’s needs, whether all services agreed upon in the contract are being provided, and whether any of the services raise conflict of interest issues. They also cover benchmarking recordkeeper fees, revenue sharing, and ongoing monitoring.

Read "Selecting and Monitoring: A plan committee’s fiduciary mandate."

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