Broker Check

Holding Investment Committee Meetings Part 3

Whether you have an established committee, or are looking to set up a new committee, here are some guidelines to follow when holding investment committee meetings…

  1. Your investment committee should meet regularly. It’s important to define how often the committee will meet in the bylaws – and then follow those guidelines. Typically, a committee will want to meet four times a year (and often meet monthly in the case of larger plans).
  1. The committee should follow an agenda that includes key committee responsibilities throughout the year.

The agenda provides a roadmap for what the meeting will cover and should be handed out in advance of the meeting, especially if you plan to have outside service providers in attendance.

Typical items you’ll find on the agenda include:

  • Action items from prior meeting (status)
  • Review Investment Monitoring Report
  • Document Call to Action on Investments that fail to meet IPS guidelines
  • Open items for Discussion
  • Each quarter add one of the following items:
    • Service Provider Review (services/fees/complaints, etc.)
    • Plan Design Review & Strategy
    • Plan Administration & Operation Compliance
    • Employee Wellness Program & Participant Communications

Keep Detailed Meeting Minutes

All decisions made and the reasons for the decisions made need to be documented in the meeting minutes. The minutes provide the paper trail for what was actually discussed and decided upon at the meeting and are an important aspect of having a prudent, documented process.

The meetings should also include the date and time the meeting took place, who was in attendance, if there was a quorum, all items presented and reviewed (as well as the decisions made), what action items might come out of the meeting with responsible parties and deadlines, and when the next meeting will take place.

This article is just one in a series on Best Practices for Investment Fiduciaries.


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