The Great Resignation is increasing plan committee turnover. Members of plan committees also change due to retirements, death, and corporate mergers and acquisitions. The increase in ERISA litigation can additionally deter members from wanting to continue to serve on committees.
Committee turnover can make inadvertent errors and less than optimal decision making more likely. Carol Buckmann contributed to this Pensions & Investments article addressing the problem. Carol points out the need to maintain good records of committee decisions to reduce litigation risk. Fiduciary education for new members and ongoing education for the committee also helps to control the risk. And since fiduciary responsibility is a legal issue, attorneys (including our firm) can provide a good overview of the statutory and regulatory guidance and important case law in their education programs.