avoiding and correcting liability for prohibited transactions

[Guest dsamuels]

I am trying to find some commonly used techniques for avoiding liability, and/or correcting liability for engaging in prohibited transactions. For clarity, the requirements seems to be that the fiduciary knows or has reason to know that he is engaging in a prohibited transaction. What is the potential liability I can face for engaging in this activity? What techniques are plan administrators using to make sure they are in compliance, and, if applicable, correcting a problem w/o liability? Especially, with the DOL 2001 Advisory Opinion, how do I make certain I am not incorrectly charging the plan, and if I am, how can I avoid liability while correcting the problem? What is my potential liability? What do I need to do?

Any and all help is needed?

Thanks

Dave