Fiduciary Committee Best Practices – Part I: The Basics
Summary
This article is Part 1 of a two-part series. For Part 2, see Fiduciary Committee Best Practices – Part 2: Preparing Meeting Minutes. Even in areas of law where the landscape of rules, regulations, and risks seems constantly to be changing, certain core concepts and basic principles hold fast. In the case of fiduciary responsibility under ERISA, the core concepts and basic principles can be boiled down to three key elements: