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Quick Tip: How to lower your risk of a DOL Audit

By January 22, 2017 April 15th, 2018 Quick Tips

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.