Plan Governance


Do it ourselves or outsource?  Should we use a §3(21) or a §3(38) fiduciary? Could these be the wrong questions to ask first? At Verity, we believe that getting Governance and Plan Oversight right is the place to begin.  
Who has authority to make these decisions?  Do your plan documents increase or decrease your liability for plan decisions?

Are you confident that your plan processes are prudent?

Verity professionals will help your executive team understand and maintain an appropriate fiduciary standard of care by aligning plan documents with your plan goals.

Establishing a plan committee is the first step in guiding the fiduciary oversight process. The committee should be a reasonable size and include experienced members of finance, HR and operations. In turn, members will be responsible for numerous aspects of plan management, often in conjunction with your retirement plan advisor.

Prudence can drive strong performance

The Investment Policy Statement (IPS), the Education Policy and a Fee Policy provide a roadmap for investment oversight and plan management, because they drive the prudent processes and criteria for selecting and monitoring plan providers and investments. When the plan committee meets, it uses these documents to benchmark and review funds, service providers, fees and whether the investment and operations strategy is meeting its stated goals and objectives, among other things.