I’ve been an ERISA attorney for over 19 years and 401(k) plans have dramatically changed because of law changes, technological change, and changes in the marketplace. The problem is that most plan sponsors are stuck back in time when the courts and the government made it impossible for them to be sued or penalized. Business practices that were legal back then have been either eliminated or curbed because the courts and the Department of Labor (DOL) have frowned on them. What was good then isn’t what’s good now. Retirement plan sponsors need to understand the increased potential liability as plan fiduciaries and the best way to understand the changes that have taken place in the 401(k) plan business over the last 20 years. This article will let 401(k) plan sponsors understand how and why they need to be more vigilant in their role as a 401(k) plan fiduciary.