Rebecca Scandaliato, Vice President, Employee Benefits, shares tips to prevent and prepare yourself for a DOL audit.
U.S. Department of Labor (DOL) audits of welfare benefit plans are happening with greater frequency to every size company.
Some reasons for a DOL audit include:
- Complaints by welfare benefit plan participants to the Employee Benefits Security Administration (EBSA), the DOL agency responsible for administering and enforcing the provisions of ERISA.
- Inaccurate or late filings of the Form 5500 Annual Report.
- National enforcement initiales investigating compliance with ERISA and the Affordable Care Act.
There are simple steps that can be taken to help you prevent and be prepared for DOL audit including:
- Maintain all documents related to welfare benefit plans in one location.
- Designate one person at the company to take charge of the welfare benefit plans.
- Respond in a timely fashion to all participant and beneficiary questions.
- Review and understand all plan documents.
For more information about these forms and reporting requirements, please contact us.
