Articles | February 4, 2025

Artificial Intelligence and Plan Governance Considerations

By Scott Miller

Advances in artificial intelligence (AI), particularly generative AI, are moving quickly and in ways we cannot foresee. For some pension plan sponsors, working through the decision of whether and how to incorporate AI into the workplace seems to be a daunting task better left for another day.

However, there are many reasons to replace “delay” with “immediate action,” not the least of which is the fiduciary responsibility to the members and beneficiaries. Because “nature abhors a vacuum,” providing no guidance to your employees is not the answer.

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An article published in the Winter 2025 issue of PERSist, the newsletter of the National Conference on Public Employee Retirement Systems (NCPERS), which you can access from this page with their permission, discusses developing and communicating an AI policy.

Some tips noted by the article:

  • Decide whether to prohibit the use of AI or to embrace the technology.
  • Regardless of what your AI policy is, make sure everyone understands it.
  • Prepare to keep the policy up to date.

Whichever decision you make for your plan, reaching a decision is infinitely better than doing nothing.

Interested in discussing how to develop an AI policy that’s right for your team?

We can help. 

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This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.