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Plan Governance Back in the Forefront

According to SSgA’s recent study Pensions With Purpose, 92% of plan sponsors are looking to improve at least one of their governance aspects in 2016. Whether that includes educational training, a well-balanced delegation of responsibilities, increased transparency and autonomy, more frequent reporting, or outside independent or consultant viewpoints, improving plan governance is taking a front seat for many sponsors. Many of these governance aspects have not been addressed as much as they should have, and this has led to questions that plan sponsors are responsible for answering. Are the choices made for the plan in the best long-term interest, or made with only a short-term view? Are plan sponsors truly educated enough to make these choices? Are plan sponsor decisions transparent to employees and plan participants so they can feel comfortable? There have been numerous changes in the pension landscape over the recent years, and plans are adjusting by improving their governance in order to keep up.