About 20 years ago, there was a medical report claiming that dental plaque could cause heart disease. Now, the cynic in me can\u2019t help but wonder if that was cooked up by the dental lobby as a way to generate more patient visits. Let\u2019s face it\u2014fluoridated water and improved dental hygiene probably didn\u2019t help the average dentist\u2019s bottom line. But cynicism aside, good oral health is a legitimate goal.<\/p>\n
Some people only see the dentist when their mouth is screaming in pain. Others go twice a year for checkups and cleanings to avoid the bigger problems\u2014root canals, caps, and dentures. Preventative care is common sense.<\/p>\n
As an ERISA attorney, I\u2019ve started to see myself as the retirement plan version of a dentist. Some plan sponsors only come to me when something\u2019s gone horribly wrong\u2014like a missed restatement, late deferrals, or a full-blown DOL audit. But there are others, thankfully, who understand that seeing ERISA counsel is part of a healthy, preventative routine.<\/p>\n
Part of the core messaging in my practice has always been this: plan sponsors should be reviewing their retirement plans annually. Not just to check a box, but to ensure proper plan operation, confirm fees are still reasonable, and verify that fiduciary processes are in good shape. That\u2019s where my Retirement Plan Tune-Up comes in. It\u2019s a legal check-up that reviews the plan document, administration, and fiduciary oversight\u2014identifying what\u2019s working and what might need attention before it becomes a liability.<\/p>\n
Plans need to evolve as businesses do. Sponsors need to ask whether the plan still fits the company\u2019s needs and if there are lurking issues in how it\u2019s being run. That\u2019s why I write articles and blog posts that shine a light on the common pitfalls\u2014things like missing investment policy statements, excessive fees, or poor documentation. These aren\u2019t abstract concerns; they\u2019re real issues that lead to real litigation.<\/p>\n
Now, I\u2019ve had critics over the years\u2014some are even fellow ERISA attorneys\u2014who argue that I\u2019m just fearmongering. They say that small and mid-sized employers rarely get sued for fiduciary breaches, and that my legal services are overkill. To them, I say: that\u2019s the plaque-causes-heart-disease argument all over again. Maybe it\u2019s a stretch. Maybe it\u2019s not. But we still avoid standing under trees during a lightning storm, even if the odds of getting hit are low. Litigation evolves, and when plaintiffs\u2019 attorneys exhaust the large plans, they\u2019ll start looking downstream.<\/p>\n
At the end of the day, good practices help avoid bad outcomes. Just like brushing and flossing, regularly reviewing your retirement plan is common sense. You don\u2019t want to wait for the ERISA version of a root canal.<\/p>\n
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