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A retirement committee charter is one of the most important documents used to administer your company’s retirement plan. But when was the last time you reviewed it or updated it? It is a question benefit plan sponsors should ask themselves because an outdated retirement committee charter – or worse, not even having one – could result in unexpected legal risk and costs that could easily be avoided.

A charter is not required by the federal Employee Retirement Income Security Act (ERISA), but it is widely considered an industry best practice to have one. Why? Because the charter provides retirement committee members with guidance they need to carry out their fiduciary duties when managing the company’s retirement plan.

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