Document, document, document

Fiduciaries can demonstrate that they’ve carried out their responsibilities by documenting the processes used to fulfill their fiduciary duties. When it comes to demonstrating fiduciary prudence, documenting the decision-making process is often just as important as the actual decision. As a plan fiduciary, you have an obligation to consistently document decisions made and the rationale behind them. At a minimum, documentation should include:

• Meeting minutes
• Plan changes
• Plan policies and procedures
• Plan reviews
• All decisions made regarding the plan
• Copies of all required participant notices and disclosures

All documentation should be kept in an official file in case of an audit.