The Importance of Selecting a Strong Retirement Committee
It’s middle school. Kids are lined up on the hardwood gym floor for dodgeball. The PE teacher has selected five enthusiastic captains to spearhead each team. Now comes the interesting part – each Captain has the responsibility of picking individuals that will assemble to create a team of mighty Avengers for ultimate domination …in dodgeball that is.
Just like picking a good team is important in middle school gym class, it’s even more important for employers to select the right retirement committee. The retirement committee is like the Avengers of their company, working together to protect and enhance the financial well-being of employees.
Assembling a retirement committee requires careful consideration. You need individuals who are knowledgeable about retirement plans, investment strategies, and legal requirements. They should possess strong analytical skills, decision-making abilities, and a commitment to acting in the best interests of the employees.
At the conclusion of The Plan Sponsor University (TPSU) Fiduciary Education Program held in Alpharetta, Georgia at Rice University, Founder and CEO Fred Barstein spoke with Plan Sponsor Eleatha, who works as a Benefits & Compensation Manager for a company that employs about 450 people. Eleatha addressed the efforts made within the company to strengthen their retirement committee by including not only senior level employees, but also retirement plan participants. This inclusive approach ensures alignment across all levels and promotes meaningful dialogue. Giving everyone a voice ensures comprehensive coverage and demonstrates a commitment to a well-rounded retirement committee.
Read the Full Transcript Here:
Fred Barstein:
This is Fred Barstein, CEO and founder of the Plan Sponsor University and 401k TV. I am here with Eleatha?
Eleatha:
Eleatha.
Fred Barstein:
Okay if we ask you a few questions?
Eleatha:
Sure.
Fred Barstein:
Okay. Before we do, tell us a little bit about yourself.
Eleatha:
I am a benefits and compensation manager with approximately 450 employees.
Fred Barstein:
Very good. Today in our TPSU program, which we just completed in Alpharetta, you talked about having a strong committee. So tell us about how you formed your committee and how it’s working.
Eleatha:
Well, actually, when I began with my organization, the committee was formed. And these are very smart individuals. They are people who have skin in the game, and so they ensure that people are aware of what is taking place with the plan, they ensure that there are investments there, the different kinds of investments that are a part of the plan. They ensure that if they have an employee meeting, if something is coming up, they are letting employees know exactly what was taken care of. Yes.
Fred Barstein:
And you said you have participants in that committee. How does that work?
Eleatha:
Yes. Well, naturally you have the president and the CFO. You have the chair role. That’s a part of that particular plan. But we also have some other individuals, lower level type of employees who are there and we’re talking and we’re informing and we’re ensuring that everybody is on the same page.
Fred Barstein:
Right. And so you’re getting the word from the people who are actually in the plan, not just management, all that.
Eleatha:
Exactly.
Fred Barstein:
Great. Final question. How was the program today? What did you learn that you might want to take back?
Eleatha:
Oh my goodness gracious. I love the information regarding the cybersecurity yeah through Impress.
Fred Barstein:
Empower.
Eleatha:
Empower. Thank you, empower. And I never thought about having a password manager being a part, not only with my organization, but personally. So I plan to use that information.
Fred Barstein:
Very good. Well, thank you for today-
Eleatha:
Thank you.
Fred Barstein:
And your time. And thank you for watching 401k TV. Stay tuned.
