"Without a committee, board members and/or senior executives are likely to be fiduciaries of the welfare plans, often without the capacity for detailed oversight.... Regular meetings, formal agendas, and minutes demonstrating competitive bidding, fee benchmarking, and vendor review create an evidentiary record that can help defend against litigation.... Committees can scrutinize PBM pricing, carrier renewals, and broker compensation ... to confirm reasonableness and alignment with participant interests."  MORE >>