When it comes to plan governance practices, larger plans—i.e., with over $50 million in plan assets—tend to have the most. Almost all have either an investment committee or investment policy statement (ISP), with 90% having both, whereas fewer (<67%) micro plans—i.e., those with under $5 million—have either. Overall, both investment committees and ISPs were more common this year across nearly every plan size. Plans contracting 3(16) fiduciary services, where a third party assumes responsibility for certain plan administration decisions, was largely unchanged from last year’s findings.
Plan Has an Investment Committee
Plan Has an IPS
Plan Employs a Third-Party Administrator as 3(16) Fiduciary