About 20 years ago, there was a medical report claiming that dental plaque could cause heart disease. Now, the cynic in me can’t help but wonder if that was cooked up by the dental lobby as a way to generate more patient visits. Let’s face it—fluoridated water and improved dental hygiene probably didn’t help the average dentist’s bottom line. But cynicism aside, good oral health is a legitimate goal.
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—root canals, caps, and dentures. Preventative care is common sense.
As an ERISA attorney, I’ve started to see myself as the retirement plan version of a dentist. Some plan sponsors only come to me when something’s gone horribly wrong—like 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.
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’s where my Retirement Plan Tune-Up comes in. It’s a legal check-up that reviews the plan document, administration, and fiduciary oversight—identifying what’s working and what might need attention before it becomes a liability.
Plans need to evolve as businesses do. Sponsors need to ask whether the plan still fits the company’s needs and if there are lurking issues in how it’s being run. That’s why I write articles and blog posts that shine a light on the common pitfalls—things like missing investment policy statements, excessive fees, or poor documentation. These aren’t abstract concerns; they’re real issues that lead to real litigation.
Now, I’ve had critics over the years—some are even fellow ERISA attorneys—who argue that I’m 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’s the plaque-causes-heart-disease argument all over again. Maybe it’s a stretch. Maybe it’s 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’ attorneys exhaust the large plans, they’ll start looking downstream.
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’t want to wait for the ERISA version of a root canal.
