• Delineate roles and responsibilities
• Generate relevant information for decision-making
• Establish a structure for making sound decisions
• Thoroughly document those decisions
• Ensure accurate and timely implementation of decisions
• Provide feedback opportunities to evaluate and monitor results

Key steps in creating and maintaining a system of retirement plan
governance include the following:

• Establish administration and investment committees
• Develop and implement formal policies and procedures for benefits, investments and administration
• Review plan documents and other communications
• Review plan administration and vendor performance
• Review investment policy and investment manager oversight procedures
• Perform periodic monitoring of investment performance and administration
• Perform periodic review of all plan-related documents and communications to ensure that they are up to date with plan and policy changes, corporate objectives and regulatory requirements
• Perform periodic review of plan expenses to determine cost-saving opportunities, proper allocation and proper document provisions
• Prepare regular reports to Board of Directors and senior management concerning status of retirement plans