The concept of ‘governance’ could not be timelier. In the non-ERISA world, plan sponsors are charged with managing a plan that they often know very little about, especially within the multi-provider, separate recordkeepers construct. Well-meaning investment providers are often presumed to care more about their bottom line than being trusted as a partner in benefit solutions. That stigma trickles down to boots on the ground advisers…

A good governance plan simplifies life for all involved by reinforcing the established plan objectives, accurately representing the fiduciary structure, and details the processes and the required documentation. Without good plan governance, these details are often overlooked and can increase the risk for both litigation and liability.