The DOL holds that fiduciaries have a duty under ERISA to monitor their service providers who are involved in plan administration. The IRS has recently posted on their website an Internal Controls Questionnaire which fiduciaries might find useful as a tool in determining whether their service providers have practices and procedures in place which will ensure compliance with plan terms and the statutory provisions of ERISA. Read more about the Questionnaire in this post at Benefitsblog.
More on the fiduciary duty to monitor service providers here and here.
