Ethics rules for pension committee members
The pension committee operating rules must include ethics rules. They are required so that the members act with integrity and responsibly at all times. They generally cover the following:
- The confidentiality of information concerning the plan and its administration (e.g., the conditions under which the committee members or other people can consult the information)
- Conflicts of interest and their declaration (e.g., each year, the secretary provides the members with a form for that purpose and the rules to follow when offered gifts)
- The members' duties and obligations (e.g., attending meetings and developing their skills), etc.
A helpful example...
The internal by-laws provide that a member who does not attend a committee meeting must have a serious reason and must notify the chair within a reasonable time frame. They also provide that a member can be replaced by the committee if he or she is repeatedly absent and, if the person was not designated at the annual meeting, can recommend a replacement to the person who designated him or her.
For more information about the committee's other operating rules, refer to: