What is the typical size of a Retirement Plan Committee?

The typical size of a Retirement Plan Committee is often best represented by a small group of 3 to 5 individuals. This size allows for effective communication, decision-making, and diverse input without becoming unwieldy. A committee that is too large may encounter challenges in coordination and reaching consensus, while a committee that is too small might lack the necessary breadth of perspective and expertise required to evaluate and oversee a retirement plan effectively.

Having 3 to 5 members strikes a balance where there are enough representatives to provide varied insights and experience, while also maintaining the ability to act decisively and manage discussions efficiently. This size is generally favored because it allows for active participation from all committee members, which is crucial for ensuring that different aspects of the retirement plan are considered and that the plan aligns with both organizational goals and employee needs.