Fiduciary Checklist: Retirement Plan Oversight Best Practices
Fiduciary oversight requires consistent review, documentation, and disciplined governance. Your Alliance Team, in conjunction with investment and other advisors, will support you to ensure that your plan remains compliant.
The following checklist highlights the core areas retirement plan sponsors and committees should evaluate at least annually.
Strengthening Committee Governance & Documentation
Committees should annually review their charter to confirm roles, responsibilities, and decision‑making processes. Meeting minutes must document key decisions and the rationale behind them.
Maintaining Robust Investment Oversight
Reaffirm the Investment Policy Statement (IPS) each year. Review all investment options for performance, risk, and alignment with plan goals. Evaluate Qualified Default Investment Alternative (QDIA) suitability and any specialty investment choices such as stable value or managed accounts. Importantly, document all decisions.
Oversight of Service Providers and Fees
Review contracts and assess fee reasonableness, technology capabilities, and cybersecurity controls. Monitor revenue sharing and indirect fees; all costs should be fully disclosed to ensure reasonability.
SECURE Act 2.0 Oversight
Several required changes have been rolled out over the last few years, as well as some optional changes. Confirm that all applicable provisions are implemented and documented.
If you wish to adopt an optional provision, contact your Alliance team member.
Cybersecurity & Operations
Review vendor System and Organizational Control (SOC) reports, cybersecurity policies, and operational risk areas annually.
Maintaining a Complete Fiduciary File
Maintain an organized file including minutes, IPS versions, reviews, agreements, training records, notices, and testing results. Note: Alliance maintains many of these on our website for you.
As always, please contact your Alliance Team with any questions. We’re here to help!