In recent months two words have been coming up again and again in our conversations with leaders in the industry: FIDUCIARY LIABILITY. Fiduciary liability is the liability that an employer faces when he/she sets up a retirement plan for their employees. ERISA section 404(c) provides significant protection from fiduciary liability. To be 404(c) compliant and absolve himself of any liability, an employer must: 1. Take the 404(c) election in both the plan document and government filings. 2. Adhere to certain guidelines outlined in section 404(c) such as providing employee education, exercising due diligence when selecting a service provider, conduct periodic reviews of plan performance…etc.