Duties of pension committee members
It is a common to entrust tasks (or duties) to certain committee members who act on behalf of the committee. The operating rules must make provision for these tasks and how the members in question report on their work to the other members.
A helpful example...
The task of examining the pension fund's financial reports is entrusted to a member who has training in finance. At the committee meetings, the member must report on his work by informing the other members of the fund's financial situation.
Where the tasks are entrusted to a subcommittee, the internal by-laws should clearly indicate the tasks and whether the subcommittee's role is to advise or a make decisions.
Where the tasks are entrusted to the employer or any other service provider, the internal by-laws should indicate what the tasks are and the rules for reporting to the committee on the work. The by-laws could also describe the employer's role as plan sponsor.
The secretary or any other person designated by the committee, must provide committee members with documents and information useful for carrying out their duties, including the internal by-laws.
For more information about the committee's other operating rules, refer to: