The best retirement plan committees I’ve seen are dedicated to the process. That means regularly scheduled meetings, a documented record, and adherence to board policies. I will always say that having no committee is better than having a committee that won’t follow the process it adopted to follow.
Communication is also a key facet of a good committee. Bringing in plan providers to be a part of it, keeps the plan sponsors on their toes in reviewing the plan provider and bringing up issues that need to be addressed.