Purpose:
The Retirement Plan Oversight Committee (RPOC) will have fiduciary oversight of the investment options of the College’s employee retirement plan. Through its actions, the Retirement Plan Oversight Committee aims to promote participants’ success in achieving their retirement saving goals. While plan participants are ultimately responsible for their own retirement decisions, the Retirement Plan Oversight Committee seeks to maintain the plans so that it allows employees to invest in accordance with their risk tolerances, saving and investing horizons, and retirement goals.
Responsibilities:
The Retirement Plan Oversight Committee serves as a plan fiduciary under ERISA and shall discharge its duties solely in the interest of plan participants and beneficiaries and in accordance with the terms of the plans.
The Committee establishes, periodically reviews and monitors the investment policies and programs under Gettysburg College’s 403(b) Defined Contribution Plan and 403(b) TDA Plan. The Committee’s policies specifically address plan structure, investment options and plan fees, with the assistance of an external, third-party, expert.
The Committee will have the following specific duties and responsibilities:
- to determine the number and type of investment options;
- to select and monitor the performance of the investment options;
- to establish benchmarks to measure the performance of each investment option;
- to monitor fees charged by the investment option and the recordkeeping service provider;
- to ensure the proper custody and safekeeping of plan assets;
- to comply with the fiduciary standards and prohibited transaction rules under ERISA, and
- to report on the investment performance to the Board of Trustees or other person or committee designated by the Board of Trustees at least annually.
Composition:
The Committee will also consist of:
- Two (2) Faculty, with preference given to members of Faculty Council and Faculty Finance Committee
- One (1) Non-exempt staff, with preference given to a representative of the Support Staff Council
- One (1) Exempt staff, with preference given to a representative of the Administrative Staff Council
Committee members serve for a three-year (3) term.
The Vice President for Finance and Administration, Director of Treasury Management, Executive Director of Human Resources and Associate Director of Human Resources are ex-officio members of the Retirement Plan Oversight Committee.
The Retirement Plan Oversight Committee retains an Investment Consultant to advise the committee on the proper management of the plans.
MEETINGS
The Retirement Plan Oversight Committee meets quarterly with our Investment Consultant. A staff member from the Human Resources Office is responsible for preparing minutes of each meeting. The Committee acts by majority vote, and action may be taken at a meeting or in writing without a meeting.