In 2012, as long as the Department of Labor (DOL) doesn’t further delay, there will be profound change in the world of employer sponsored retirement plans. While much has been discussed over the DOL’s fee disclosure regulations that will once and for all, allow plan sponsors and participants to understand the costs involved with the administration of retirement plans, the more substantive change is the change in the definition of fiduciary. This definition of plan fiduciary as it relates to financial advisors for retirement plans will be a substantive change which can have an effect on the fee disclosure regulations as well.