An RSPS may be the most important document in your Fiduciary Arsenal. If you are a Fiduciary to an ERISA qualified retirement plan and you don't have a documented process in how fees are allocated to the plan participants and the employer-sponsor, you could find yourself at the wrong end of an excessive fee dispute.

As a Plan Fiduciary, you cannot rely on a non-fiduciary service provider with a conflict in interest to accept responsibility for their recommendations.

In a recent court decision (Tussey vs. ABB, Inc., U.S. District Court, Western District of Missouri Central Division), a Company sponsoring a retirement plan (ABB, Inc.) along with the head of the Benefits committee, named individually, and the entire committee, were ordered to pay a judgment of $35.2 million.