Retirement Plan Investment Committee Checklist
The fiduciary landscape is changing, and processes once seen as “good enough” no longer check all of the right boxes. Use this straightforward checklist to ensure your investment committee is covering its bases.
Plan Investments
[ ] Review funds to ensure the lowest cost share class is utilized
[ ] Review the size of the investment menu offered to participants to ensure reasonableness
[ ] Monitor the appropriateness of all investment options
[ ] Know what’s under the hood of the plan’s Qualified Default Investment Alternative (QDIA)
[ ] Discuss re-enrolling participants into the QDIA
Plan Fees
[ ] Calculate the true and total cost of the plan
[ ] Benchmark plan fees to ensure they are reasonable
[ ] Determine how fees are calculated and paid (per head or basis point) and document why that’s appropriate
[ ] Know if revenue sharing exists and if it’s leading to inequality
Participant Outcomes
[ ] Review plan statistics and compare those to industry averages
[ ] Review goals of plan design and participant education programs
[ ] Monitor the progress of goals and adjust education accordingly
Fiduciary Governance
[ ] Review legislation, litigation and industry trends and discuss how this may impact your plan
[ ] Document committee meeting minutes
[ ] Hold periodic fiduciary training sessions for all committee members
[ ] If necessary, review and update the Investment Policy Statement
[ ] Distribute committee agenda and handouts prior to meeting
About the author
Tara Mashack-Behney, CFP®, ChFC®
Partner & President of Investment Advisory Services
As the president of Conrad Siegel’s Investment Advisory Services, Tara oversees the firm’s investment consulting for all types of retirement plans including defined benefit pension plans and defined contribution retirement plans. Through Tara’s guidance, Conrad Siegel’s Investment line has grown to more than $5.8 Billion in assets under management over the last 17 years. Tara specializes in fiduciary oversight that includes Investment Policy Statement development, investment reporting & documentation, and fee analysis.