The Value of Having a Retirement Plan Committee CharterDavid KlimaszewskiJan 20, 20211 min readUpdated: 3 days ago“The Department of Justice [DOJ] considers the procedures laid out in charters when determining penalties for fiduciary malpractice. If investigators see that the procedures were correct, even if the outcome was not, they are often less inclined to penalize a company. Having a charter in place for retirement and investment committees to follow is a valuable tool in maintaining compliance and avoiding penalties.”
“The Department of Justice [DOJ] considers the procedures laid out in charters when determining penalties for fiduciary malpractice. If investigators see that the procedures were correct, even if the outcome was not, they are often less inclined to penalize a company. Having a charter in place for retirement and investment committees to follow is a valuable tool in maintaining compliance and avoiding penalties.”
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