It’s been said that the DOL and courts take the position that “if it wasn’t documented, it didn’t happen.” In the case of ERISA, the best defense for retirement committees is always a strong offense which means taking a proactive approach to implementing a comprehensive fiduciary governance process. One of the cornerstone practices to demonstrate that the retirement committee has made prudent decisions as required by ERISA is to take official minutes at each meeting.
Meeting minutes have multiple benefits. They demonstrate that:
While meeting minutes are a valuable tool to document your fiduciary process, it’s also important to draft minutes in a way that is beneficial and not detrimental.