Training for pension committee members
The pension committee's operating rules must set out measures to be taken for training committee members. The measures should take into account their experience and skills.
One does not need any special qualifications to become a member of a pension committee. However, to promote good plan administration, each member must have the skills necessary for carrying out his or her duties, which includes knowledge of pension plan operations.
Even if the committee has experienced members and consults experts, each member should be in a position to formulate their own opinion and not rely on the others. This is why new members must acquire basic information. In addition, more experienced members should keep their knowledge up-to-date.
There are different ways of training members, such as courses, training documents and information.
The pension committee can set a budget for training. The costs involved should be reasonable and take into account the plan's characteristics and the members' needs. These administration costs are paid by the pension fund, unless the plan text provides that they are paid by another party, usually the employer.
Training costs generally include the price of registering for the activity and travel expenses (transportation, lodging, meals).
For more information about the committee's other operating rules, refer to: