Well-run retirement plan committees do more than “check the box.” They provide documented, thoughtful oversight of the plan on behalf of participants and beneficiaries. A consistent meeting agenda not only improves governance, but it also creates a clear fiduciary record that decisions were made prudently and in the best interest of participants.
Below is a streamlined, best practice framework for what retirement plan committees should be covering at each meeting, consolidating related topics while preserving all key fiduciary talking points.
Committee Governance and Meeting Administration
Every meeting should begin by establishing context and reinforcing fiduciary governance. Committees should focus on the following core areas:
- Organizational and vendor updates, including changes related to the plan sponsor, advisor, recordkeeper, custodian, TPA, auditor, or other service providers
- Committee administration, such as member changes, quorum confirmation, and disclosure of any potential conflicts of interest
- Review and approval of prior meeting minutes to formally document decisions and discussions
- Status of prior action items, including confirmation of completion or identification of outstanding follow-ups
Addressing these items together helps establish a clear fiduciary foundation for the meeting and demonstrates continuity, accountability, and follow-through, critical if decisions are ever reviewed by auditors or regulators.
Plan Demographics, Participant Behavior, and Engagement
Understanding how participants are using and interacting with the plan is essential to evaluating overall plan effectiveness. Committees should review key metrics and trends, including:
- Participation and deferral rates, including changes over time
- Employer contribution activity
- New hire and termination activity and its impact on plan utilization
- Distribution activity, with attention to fraud-prevention controls
- Loan and hardship usage, which may signal participant financial stress
These insights help committees assess whether the plan design is working as intended and where participant outcomes may need improvement.
This discussion should also include a review of participant education and guidance efforts, such as:
- Financial wellness initiatives
- Group education sessions and workshops
- One-on-one guidance opportunities
- Targeted outreach for key populations, including new hires, near-retirees, and low savers
Together, these topics reinforce the committee’s role in supporting informed participant decision-making, not simply offering a plan.
Plan Operations, Compliance, and Regulatory Oversight
Operational prudence is fiduciary prudence. Committees should actively oversee the plan’s administrative and compliance functions by reviewing:
- Operational issues or errors identified since the prior meeting and the steps taken to correct them
- Compliance testing results and any required follow-up actions
- Required notices, filings, and disclosures to ensure timely and accurate completion
- Service provider updates related to plan administration or controls
- Regulatory or legislative developments that may affect the plan
Reviewing these items in a single, cohesive section demonstrates active oversight of both the plan’s day-to-day mechanics and its broader compliance environment.
Investment Oversight and Monitoring
Investment monitoring remains a core fiduciary responsibility. Committees should receive regular updates on fund performance relative to benchmarks and peer groups, along with any watch list activity. Reviews should confirm compliance with the investment policy statement and document the rationale for any recommended changes to the investment lineup.
Importantly, the focus should remain on process, consistency, and documentation, not short term performance alone. This disciplined approach supports prudent decision making and helps mitigate fiduciary risk.
Strategic Discussion and Action Planning
Committees should reserve time to discuss other relevant matters that may not fit neatly into predefined categories. This may include emerging issues, participant feedback, vendor considerations, or longer term strategic topics that warrant discussion and documentation.
Every meeting should conclude with clear identification of action items. Responsibilities should be assigned to specific parties and tracked to completion, ensuring momentum between meetings and creating a clean fiduciary record of decisions and next steps.
The Bottom Line
A disciplined, repeatable committee agenda helps transform meetings from routine updates into meaningful fiduciary oversight. By consistently addressing these consolidated areas and documenting their process committees strengthen governance and reinforce confidence that the retirement plan is being managed thoughtfully and responsibly.
For plan sponsors, that’s not just best practice, it’s good fiduciary stewardship.
Have additional questions about what you should be covering in retirement plan committee meetings? Connect with our team at Twelve Points today.