Lawsuits alleging retirement plan mismanagement aren't slowing down, and plans are also often targeted for audits by regulators. As a result, in order to avoid legal and regulatory costs, plan sponsors and their fiduciaries need to be diligent in understanding and fulfilling their duties. This paper explains who the courts may consider to be a fiduciary, outlines fiduciary responsibilities, and describes a number of steps companies can take to protect themselves and their plan fiduciaries against plan-related financial risks. View article