Millions of Americans are relying on their 401(k) plans for retirement. If you’re one of them, you probably receive a monthly statement. It’s pretty likely that youdon’t do much more than glance at that statement before filing it away.

But in 2007, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) investigated over 1,320 cases of 401(k) mismanagement. That’s not 1,320 different employees with problems, by the way. It’s 1,320 different funds and companies with problems.

But how can you know if something is wrong with your 401(k)?

The primary tool you have is your monthly statement. Because there’s really no part of the 401(k) process where you have your hands on your money, your statement is your only chance to understand exactly what is going on with your 401(k) plan.

But if your statement doesn’t even make it of the envelope, it’s not going to do you much good. When you receive your statement each month, take a moment to open it up and look it over for warning signs. You will also want to compare it to your pay stubs, just to make sure that numbers match across the board.

10 warning signs

If something is going on with your 401(k), there are certain signs you can look for — clues that can help you keep an eye on your money. EBSA offers this list of 10 warning signs to help employees make sure that their 401(k) contributions are not being misused:

1. Your 401(k) or individual account statement is consistently late or comes at irregular intervals.
2. Your account balance does not appear to be accurate.
3. Your employer failed to transmit your contribution to the plan on a timely basis.
4. A significant drop in account balance that cannot be explained by normal market ups and downs.
5. 401(k) or individual account statement shows your contribution from your paycheck was not made.
6. Investments listed on your statement are not what you authorized.
7. Former employees are having trouble getting their benefits paid on time or in the correct amounts.
8. Unusual transactions, such as a loan to the employer, a corporate officer, or one of the plan trustees.
9. Frequent and unexplained changes in investment managers or consultants.
10. Your employer has recently experienced severe financial difficulty.

What if…

If you suspect that there is a problem with your 401(k) plan, it can be difficult to prove on your own. And because ending your 401(k) participation can have a major financial impact, most experts recommend continuing your contributions unless you are absolutely sure that something is wrong.

But if you do come to the conclusion that your 401(k) plan is being mismanaged, there are actions you can take. Contact your local EBSA office and they will begin an investigation. EBSA has had significant success with handling this sort of investigation; in 2007, the agency’s work resulted in more than $51 million in restitution and penalties.

You will need, at a minimum, copies of your 401(k) statements and your paycheck stubs, to bring a questionable 401(k) plan to EBSA’s attention.