“Georgia” on your mind? As we look towards the upcoming Masters golf tournament weekend, our minds turn to the condition of the greens (exquisite), the players tee off order (does afternoon help or hinder Tiger on an expected rainy day?), and who will make that amazing chip shot out of the bunker to save par. It may not get quite the level of TV viewership of other sporting events, but benefit plan administration is a lot like golf: a series of pars, birdies and bogies, and—oh my, not a double bogie!

If you’re hitting par with your benefit plans, they’re operating smoothly, participants are happy with the offerings, and you’re in compliance with the most obvious regulations. All is good, but you probably won’t earn a green jacket.

To hit a birdie in benefit plan compliance, your committee may need to step up its game and really tackle the hard fiduciary topics, like monitoring service providers more closely and scrutinizing fees under the health and welfare plan.

On the other hand, sometimes bogies happen—you find an error in your retirement plan administration, or trip on an ERISA fiduciary rule. Fortunately, most bogies can be self-corrected, as long as they are quickly identified and addressed. For example, participants and the plan can be made whole by funding missed contributions and lost earnings.

No one wants a double bogie. This may happen if the fiduciary committee isn’t monitoring providers closely enough, and relying on processes that may not meet plan sponsor objectives. Sometimes a triple bogie can occur if the IRS or DOL identifies your bogie before you do! In that case, consult your caddie (your ERISA attorney or other professional) for the best plan of attack. You might be surprised to find that they have a special club in the bag that will make getting back on course easier than you thought.

As you swing into golf season with this weekend’s most prestigious tournament, dust off your benefit plan compliance so when you go for the green, you’ll be hitting a birdie every time!