As a plan sponsor, you're automatically a fiduciary. In the world of ERISA, DOL and IRS, a fiduciary is one who acts only in the best interest of a plan's participants and beneficiaries with the care of a "prudent person." You are responsible for keeping your plan in compliance with government regulations. One of the important areas of compliance involves the many documents of plan administration. These documents must be in writing and kept at your fingertips in case you need to refer to them. It is not enough to have copies of the documents in your file cabinet - you must understand and closely follow them.