NAPA Net - Polling Places 021221

What’s the ‘Right’ Number(s) for Plan Committee(s)?

How many committees – and committee members – does a retirement plan need?

It’s a question I get from plan sponsors with some frequency, and while my response is nearly always a qualified “it depends”, there would seem to be certain rules of thumb with regard to building, running and maintaining the well-functioning oversight of a qualified retirement plan.

This week – knowing that “it depends” is perhaps the “right” response, I’d like to know what you think that criteria is, what size (and number) of committee(s) you recommend, and in what circumstances – and perhaps you’ll be good enough to share some of your experience(s) with those as well (anonymously, of course).

Question Title

* 1. Generally speaking, how many committees per employer/plan do you work with?

Just one for everything.

One for investments, another for administration/design.

Separate committees for investment and administration, but they consist of the same individuals.

One for investments, one for administration/design, one for employer stock/special assets.

Something else?

Question Title

* 2. Does that differ based on the employer/plan size?

No.

Yes, larger employers/plans warrant more/separate committees.

No, but then all the plans I work with are pretty much the same size.

Yes, employer stock should have its own focus.

Any comments?

Question Title

* 3. Is there a document that formalizes which job positions sit on a committee (i.e., Director of HR is a member of the committee)?

Yes.

Yes, and it's a formal document.

No.

Not really.

For some plans, but not all.

For most plans, but not all.

Any comments?

Question Title

* 4. Realizing that there might be some variation based on plan size and complexity, what do you typically recommend as the most efficient committee size?

less than 5

5-7

7-10

10-15

More than 15

Any comments?

Question Title

* 5. Got a story (or two) about working with/building/deconstructing committees that you'd like to share (anonymously, of course)?

Question Title

* 6. OK, last question; how're you doing (check all that apply today)?

I'm good.

I'm great.

I'm hanging in there.

There are good days & not-so-good days.

What day IS it, anyway?

I'm as good as can be expected.

want to expand on that?

Question Title

* 7. Other comments about committees, plan committees, the number and/or size of committees, the frequency of committee meetings, the current state of committee meetings, or life in general?

Question Title

* 8. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Wholesaler

Consultant

Other (please specify)

Question Title

* 9. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

Question Title

* 10. Suggestions for future survey questions? Seriously - what would you like to know about/from your fellow NAPA-Net readers? Or what would you like to be asked?

Question Title

* 11. All responses are confidential, of course - but just in case you would like a response - or want me to know you responded - or just want to say hi - here's your chance to do so (don't forget your email)!