Retirement Plan Committee Members: Why You Shouldn’t Be a Heat or Snow Miser!
And no, it is not due to the admittedly lame plot of Santa wanting to cancel Christmas because he feels—wait for it—underappreciated, but for two of the most amazing animated characters ever to grace a TV screen - Heat Miser and Snow Miser – the two brothers who can’t agree on anything since they are superfans of heat and snow, respectively. Their dislike for each other is featured in an epic dance battle complete with minions! If you have no idea what I’m talking about, just watch the special and believe me, you’ll be glad you did!
But what does all this have to do with being on a retirement plan committee? Well, Heat Miser and Snow Miser are two personalities who are very much “my way or the highway” types, and since heat and snow don’t mix, they are always butting heads. Retirement plan committee members need to be the exact opposite of these personalities, and always willing to listen to others and compromise.
Why? Because things need to get done, and in order to do that, the committee needs to reach a consensus on the specific actions to be taken. Unfortunately, there are many retirement plan committees out there that don’t get a whole lot done, tabling decision after decision because they can’t agree on things.
While it’s okay to be a strong advocate for a particular position or initiative, committee members must balance advocacy with a willingness to listen to other’s positions and compromise, in order to move forward on actions that are in the best interest of plan participants and beneficiaries - since that is what fiduciaries do!
Note: This feature is to provide general information only, does not constitute legal advice, and cannot be used or substituted for legal or tax advice. Opinions expressed are those of the author, and do not necessarily represent the opinions of Cammack Retirement Group.
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