Rebecca Scandaliato, Vice President, Employee Benefits, explains how companies can lower their risk of a DOL Audit.
DOL Audits: Prevention & Preparation
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
- Inaccurate or late filings of the Form 5500 Annual Report
- National enforcement initiatives investigating compliance with ERISA and the Affordable Care Act (ACA)
There are simple steps that can be taken to help you prevent and be prepared for a 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 and to obtain a checklist, please contact us.