ERISA Plan Governance
It's about process, process, process
Are you the curious fiduciary that wants to know
Have you bravely joined a retirement plan committee without the guiding light of formal fiduciary training? Wondering whether your duties and liabilities come with a secret decoder ring? You can test your knowledge before and after with the quizzes below.
Sample Board Resolution for Establishing a 401(k) Plan Administrative Committee
For Your Fiduciary Tool Belt
Employers sponsoring retirement plans must demonstrate prudent governance and fiduciary oversight. One best practice is establishing a formal Plan Administrative Committee responsible for overseeing plan operations.
This sample board resolution illustrates how a company can formally adopt a committee structure to support retirement plan administration and fiduciary compliance.
Use this sample as a starting point when documenting governance practices for your organization’s retirement plan.
What’s Included
• Sample board resolution language
• Example approval language for a plan administrative committee charter
• Governance language aligned with ERISA oversight responsibilities
Sample 401(k) Plan Administrative Committee Charter
For Your Fiduciary Tool Belt
Establish clear fiduciary governance for your retirement plan with a professionally structured committee charter.
Why This Matters
Retirement plan sponsors have significant responsibilities under ERISA. One of the most effective ways to demonstrate prudent plan governance is by establishing a formal Plan Administrative Committee responsible for overseeing plan operations, compliance, and fiduciary decision-making.
A well-defined committee charter helps employers:
• Clarify fiduciary responsibilities
• Establish oversight procedures
• Document governance practices
• Support compliance with ERISA standards
• Create consistency in plan administration
This sample charter provides a structured framework that organizations can use when forming a committee responsible for administering their retirement plan.
What You'll Receive
Download a professional Plan Administrative Committee Charter template that includes:
• Committee purpose and scope of authority
• Roles and responsibilities of committee members
• Fiduciary duties and standards of conduct
• Meeting and documentation procedures
• Oversight of service providers and plan administration
• Reporting responsibilities and governance structure
This template is designed to serve as a starting point for establishing formal retirement plan governance practices.
Sample Fiduciary Acceptance and Acknowledgement Letter
For Your Fiduciary Tool Belt
Document fiduciary roles and responsibilities with a clear written acknowledgement from committee members.
Why This Document Matters
Under ERISA, individuals who serve on a retirement plan committee may be considered fiduciaries if they exercise discretionary authority over plan administration or investments.
Because fiduciaries can be held personally responsible for plan decisions, it is considered a best practice for organizations to formally document when an individual accepts and acknowledges fiduciary responsibilities.
A Fiduciary Acceptance and Acknowledgement Letter helps ensure that committee members understand:
• their fiduciary status
• their duties under ERISA
• their responsibility to act in the best interests of plan participants
It also creates written documentation that supports prudent governance and fiduciary oversight.
What the Template Includes
This downloadable template provides sample language that employers can use to formally document fiduciary acknowledgement by committee members.
The sample includes:
• acknowledgement of fiduciary status under ERISA
• confirmation of fiduciary duties and responsibilities
• commitment to act in the best interests of plan participants
• agreement to follow plan documents and governance procedures
• confirmation of understanding of potential fiduciary liability
The template is designed to be used alongside a Plan Administrative Committee Charter and other governance documentation.
Who Should Use This Template
This resource may be helpful for:
• employers sponsoring a 401(k) or other retirement plan
• plan administrative committee members
• HR leaders responsible for plan administration
• finance leaders involved in retirement plan oversight
• organizations formalizing fiduciary governance practices
Sample Investment Policy Statement
For Your Fiduciary Tool Belt
Establish a clear framework for selecting, monitoring, and managing plan investments.
Why an Investment Policy Statement Matters
An Investment Policy Statement (IPS) is one of the most important governance documents for a retirement plan. It provides a written framework that guides how plan fiduciaries select, monitor, and evaluate investment options.
While ERISA does not require plans to maintain an IPS, it is widely considered a fiduciary best practice because it helps demonstrate a consistent and prudent investment oversight process.
A well-designed IPS helps plan fiduciaries:
• define investment objectives for the plan
• establish criteria for selecting investment options
• create a structured monitoring process
• document how investment decisions are made
• support fiduciary compliance under ERISA
When properly implemented, an IPS helps retirement plan committees maintain discipline and consistency in investment oversight.
What You'll Receive
This downloadable Investment Policy Statement template provides a practical starting point for documenting the investment governance framework for a retirement plan.
The template includes:
• purpose and scope of the investment policy
• roles and responsibilities of plan fiduciaries
• investment menu design principles
• criteria for selecting investment options
• monitoring and evaluation procedures
• guidelines for replacing underperforming investments
• documentation and review practices
The document is designed to help retirement plan committees maintain a prudent and well-documented investment process.
Who This Resource Is For
This template is designed for organizations that sponsor workplace retirement plans, including:
• business owners sponsoring a 401(k) plan
• CFOs and finance leaders
• HR professionals responsible for plan administration
• retirement plan committee members
• organizations reviewing their fiduciary governance practices
About Castle Rock Investment Company
Castle Rock Investment Company is an independent, woman-owned registered investment adviser focused exclusively on workplace retirement plans.
We help employers simplify retirement plan administration while supporting their fiduciary responsibilities through:
• investment oversight
• governance guidance
• service provider evaluation
• participant outcomes and education
Our mission is simple:
Simplifying retirement for all. One plan. Every business.
Reviewing Your Plan’s Investment Governance?
If you are evaluating your retirement plan’s investment oversight process, we would be happy to help.
Castle Rock Investment Company works with employers to:
• evaluate investment menus
• review plan fees and service providers
• support fiduciary committees
• improve participant outcomes
Schedule a conversation to learn more.
