Committee Charter for Defined Contribution Plan (Single Committee Structure)

A Committee Charter for Defined Contribution Plan (Single Committee Structure) under USA law is a legal template that outlines the establishment, organization, roles, responsibilities, and procedures of a committee responsible for overseeing a specific defined contribution retirement plan in accordance with the laws and regulations set forth in the United States.

This charter sets forth the purpose and objectives of the committee, including the management and administration of the defined contribution plan. It outlines the committee's composition, including the qualifications and appointment process of its members. The charter also details the terms of office, succession planning, and potential removal of committee members.

The template addresses the committee's responsibilities, which typically encompass reviewing and evaluating investment options, managing plan assets, monitoring plan performance, ensuring compliance with applicable laws and regulations, and making decisions related to plan amendments and terminations. The charter defines the committee's decision-making authority, establishing whether it operates with full authority or as an advisory body to a higher-up entity.

Furthermore, the template stipulates the committee's meeting procedures, including the frequency, notice requirements, and quorum for conducting meetings. It may detail the use of proxies or electronic communications to facilitate decision-making processes. Additionally, the charter emphasizes the importance of maintaining accurate records and documents associated with the defined contribution plan, ensuring transparency and compliance with reporting obligations.

The legal template often includes provisions outlining the committee's indemnification and liability protections, to safeguard members from personal liability arising from their actions in good faith. It may also address conflicts of interest, confidentiality requirements, and any potential limitations or restrictions imposed on the committee's decision-making capabilities.

In summary, this Committee Charter for Defined Contribution Plan (Single Committee Structure) serves as a comprehensive legal document, providing a framework for the establishment, organization, and functioning of the committee responsible for effectively managing and overseeing a defined contribution retirement plan under the purview of USA laws and regulations.