Let's face it, most plan sponsors do not understand what their fiduciary responsibilities are, nor how to manage them. Hopefully, deposits are made in a timely manner, and some person tells them every so often to add this fund or that fund. Yet plan sponsors are charged with making decisions with the care and skill of a prudent expert. If they hire an outside consultant or advisor they still must monitor that outside vendor with the care and skill of a prudent expert. In addition, every fiduciary decision must be made with the sole benefit of the participants in mind. Perhaps there is an Investment Policy Statement (IPS) in place. Rarely is it used, yet the IPS is a living breathing document that when used properly can help the plan sponsor manage many of their fiduciary responsibilities. About half the time, their form 5500 has mistakes on it. Reviewing the form 5500 is the first level of review for the Department of Labor. In 2008, the results of the Department of Labor's efforts as reported on their website are:

It is obvious, that the Department of Labor takes your fiduciary responsibilities seriously. Would you benefit from working with an advisor who does as well?