In almost every mall, there is a Lids location which sells hats. Even as a Mets fan, I’m surprised by how many different Mets hats they sell whether they’re on-field, on-field specialty, or some New Era designed fashion cap. Speaking of hats, a retirement plan sponsor wears so many hats when they main a retirement plan. Plan sponsors know that they wear the hat of the employer when they set up a retirement plan because the intent is to benefit their employees. Plan sponsors also know they wear the hat of a retirement plan sponsor when they set up the plan. What plan sponsors fail to understand that they also wear the hat of a plan fiduciary and the duty that comes with it. So this article is about the hat of plan fiduciary that a plan sponsor has to wear and the duty and liability that goes with it.