Retirement Plan Governance
Fiduciary decisions are judged on process, not outcome. Retirement plan governance is simply the documented process — who decides, on what information, how often, and where the evidence lives when the DOL or a plaintiff’s attorney asks two years later.
The five pieces of a defensible governance framework
A written committee charter
Who sits on the retirement plan committee, what authority they hold, what is delegated and to whom. Without a charter, every decision is attributed to the company’s officers personally.
Minutes that show the process
Meeting minutes recording what was reviewed, what alternatives were considered and why the committee decided as it did. Minutes that only record the outcome are worth very little in an investigation.
A fiduciary calendar
Deposits, notices, testing, Form 5500, restatements and committee meetings mapped to the statutory calendar, with an owner on each item. This is what stops the annual scramble.
Documented fee and provider benchmarking
Periodic review of recordkeeper, advisor and administration fees against comparable plans, captured in writing. Reasonableness is a fiduciary requirement, and it has to be evidenced.
Clear appointments and acceptances
Named fiduciary, plan administrator, trustee and investment fiduciary each identified, appointed and accepting in writing — with the acceptances in the plan file.
How Admin316 operates the governance framework for you
We hold the operational roles
As appointed 3(16) plan administrator and 402(a) named fiduciary, the day-to-day fiduciary acts are performed and documented by us rather than by your HR team.
Evidence is produced as work happens
Notices, approvals, testing and filings generate a dated record at the time of the decision, so the file is complete before an auditor asks for it.
Independent by design
We sell no investments and take no commissions, so benchmarking and provider review are not reviewing our own revenue.
Frequently asked questions
What is retirement plan governance?
It is the documented structure of decision-making for an ERISA plan: who is appointed to each fiduciary role, how decisions are made and reviewed, and how that process is evidenced in writing.
Do we need a retirement plan committee?
ERISA does not require one, but a chartered committee with minutes is the most reliable way to show a prudent process and to keep fiduciary decisions from defaulting to individual officers.
How often should a plan committee meet?
Most plans are well served by meeting at least annually, and semi-annually or quarterly once the plan is audit-size or the investment lineup changes. What matters more than frequency is that each meeting is documented.
How does a 3(16) administrator fit into governance?
The 3(16) administrator performs and documents the operational fiduciary duties. That removes the largest source of process failures and gives the committee a ready-made record to review.
