As a 401(k) plan sponsor, I’m sure you’ve been spoken to by a plan provider who wants you as a client and they’re talking about you potential liability as a plan fiduciary. They’re probably also talking about the threat of litigation and this is where I think most retire-ment plan providers miss the point. Unless your plan has $50 million or more in assets, the likelihood of being sued by a current or former participant is slim to none. There have been probably more men who landed on the moon than small or medium- sized 401(k) plan who have been sued in a class action claim. Good fiduciary practices are necessary, but the real fear that they should be talking about and that you’re more than likely ill-prepared for is an Internal Revenue Service (IRS) or Department of Labor (DOL) audit. This article is all about the risk of a government audit and what trouble it may get you into.