Establishing proper governance is a critical component of sponsoring a retirement plan.
Governance typically takes the form of a plan/trustee/investment committee. At Cannon Financial Strategists, we work with plan sponsors in a variety of ways in the creation and operation of such commitees.
- Assist with the provision of board resolutions for chartering the committee
- Educate members about their responsibilities
- Establish an Investment Policy Statement (IPS) to outline the prudent process for selecting and monitoring plan investment options
- Review plan assets and investment options in a manner that addresses fiduciary obligations
- Evaluate plan demographics (utilization, average account balance, projected income replacement, etc.)
- Give notice of regulatory changes/plan recommendations
- Ongoing review of employee communication and education plan
- Review annual compliance testing, audit results, required filings, and other periodic compliance related matters