The Investment Company Institute reported that

U.S. retirement plan assets reached $21.7 trillion

as of Sept. 30, 2013, which represents 34 percent of

all household financial assets in the U.S.1 The Department

of Labor reported in June 2013 that 88.7 million

Americans have defined contribution plan accounts,

based on data from 2011 annual reports.2 With so many

millions of people depending on these plans for retirement

security, the government has placed significant legal

requirements on the role of fiduciaries. Employers

that sponsor retirement plans are being put under an increasingly

high degree of scrutiny for their actions and

inactions with respect to the qualified and nonqualified

plans that they sponsor.

Plan sponsors are subject to fiduciary standards, but

do not always understand their role and obligations as

a fiduciary. To comply with the plethora of duties and

requirements governing plans, plan sponsors must understand

their role as a fiduciary, identify plan errors

and resolve those errors to reduce risks of noncompliance

and exposure to fiduciary liability and penalties.