Why You Need to Keep Minutes: The Best Evidence of a Prudent Process
Chicago partner Michael Rosenbaum and Los Angeles partner Summer Conley authored an article for PLANSPONSOR magazine titled “Why You Need to Keep Minutes: The Best Evidence of a Prudent Process.” This is the sixth column Michael and Summer have written in the ERISA Examination series, which details ERISA fiduciary responsibilities.
Though there is no legal requirement to keep minutes in a retirement committee meeting, Michael and Summer state that taking and retaining good committee minutes is essential to protecting yourself as a fiduciary. Their article provides general guidance on the content that should be included in minutes, how to best document discussions, and how to format meeting minutes.
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