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group of men and women professionals Investment committees should document all meetings in the form of minutes as a record of the process used to arrive at each decision that is made. (Photo: Shutterstock)

Plan sponsors are tasked with a myriad of responsibilities as a fiduciary of their company’s 401(k) plan.  These responsibilities are almost always complicated and can have far-reaching consequences if not fully understood and sufficiently addressed.  Additionally, the decisions made and the policies implemented by the plan sponsor fall under hard scrutiny in the event of a Department of Labor audit. For these reasons it is in the plan sponsor’s best interest to form an investment committee to oversee the operations of their 401(k) plan.

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