Unless a company sponsoring a retirement plan is involved in the retirement plan industry, it is in the role of delegating much of their duties to retirement plan providers that may include third party administrators (TPAs), financial advisors, and ERISA attorneys. Despite the fact that retirement plan sponsors delegate much of their role, they are still ultimately responsible for what happens to the plan in their role as plan fiduciaries. This is why it is important that retirement plan sponsors know basic concepts about retirement plans, so they can understand their role and their liability.