Planning More Efficiently for Longevity

Greg Goin, CFP®, CIMA®, CLU®, CRPC®, External Risk Management Consultant

August 20, 2020

An often overlooked aspect of qualified retirement plan operations is the need for a prudent and comprehensive governance process. Plan rules and procedures are often contained in a series of governing plan documents and service agreements. Plan officials are faced with analyzing and interpreting numerous documents from multiple entities. Historically, plan committees have operated in a “Fiduciary 2.0” environment that has been myopically focusing on investment performance and fees as the true measures of plan success. Today, however, the expectations that plan participants and the Department of Labor have of plan fiduciaries have broadened to include increased scrutiny of efficient plan administration and participant outcomes. By creating a governance process, integrating a Chief Governance Officer, and standardizing governance reporting, plan officials can help ensure plan operations are consistent and adhere to fiduciary standards.

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