"Whether Professor Ayers follows through on his threats or not, 2013 is a good time to revisit your plan's investment menu and its fee structure and to make certain that your plan is operating properly in view of what is 'reasonable and necessary.' It may also be a good time to review your plan terms and practices to be certain that they understand what is required of them under the plans and ERISA's fiduciary duty rules so as to protect participants and to minimize grounds for fiduciary liability generally.... [T]he largest area for improvement in fiduciary governance generally tends to be the clear identification of plan fiduciaries and the delineation of fiduciary functions and responsibilities in order to limit exposure."  MORE >>