Based on the feedback we received from the plan sponsor community at the six (6) plan sponsor roundtables DCIIA facilitated this past fall and winter, we are in the process of establishing a Plan Sponsor Steering Committee. The Committee will act in an advisory role to the DCIIA Board and Executive Committee, bringing the voice of the plan sponsor to every discussion and making sure that DCIIA remains current with the concerns of plan sponsors.
The Plan Sponsor Committee Chairs have made the following recommendations regarding the initial structure of plan sponsor participation in DCIIA
- There is no membership fee for plan sponsors, and all plan sponsors that register with DCIIA will be eligible to join DCIIA’s web-community, access DCIIA research and other thought leadership, and participate in DCIIA sponsored events.
- The Plan Sponsor Steering Committee will represent the broader plan sponsor community and will be responsible for providing guidance on DCIIA’s overall strategic direction. The Committee will provide feedback on the DCIIA goals and objectives as well as the ongoing work programs of the DCIIA. The feedback will include the prioritization of issues as well as input on what plan sponsors are doing to address various issues.
- The Plan Sponsor Committee Chair(s) are voting members of DCIIA’s Executive Committee.
- The Plan Sponsor Committee will consist of up to approximately 20-25 members representing public and private plans, with representation from both Human Resources and Finance (as well as geographically diverse). They will have 3 to 4 meetings per year. With one in-person meeting (most likely at the Spring Policy Forum) and the others meetings to be held via conference calls to minimize travel costs.
- Committee members will be selected by the Plan Sponsor Chair(s) and will serve two year terms. Considerations for membership would include plan sponsor interest and desire to serve in an advisory role to DCIIA.
- The Committee will help focus DCIIA’s strategic direction as well as help ensure the buy-in from the general plan sponsor community. One tool to accomplish this goal will be a newsletter prepared by the Sub-Committee to be published 2 or 4 times per year called the DCIIA NEWSLETTER OF TRENDS FOR PLAN SPONSORS. The newsletter will include a series of "Best Practices" articles in order to encourage improved fiduciary practices and tools to support institutional defined contribution plan design.
- DCIIA will be conducting a short (one screen), electronic summary with links to more details if the reader desires, to help poll the broader plans sponsor community and ensure that we accurately captured their key areas of concern, and have appropriately set the initial agenda for the Plan Sponsor Committee.
- At a future stage of DCIIA's membership growth, a Plan Sponsor membership category will be established. At that time, the subject of dues for plan sponsors will be re-visited, as well as their voting rights.