“Life is the continuous adjustment of internal relations to external relations.”
– Herbert Spencer
The Department of Labor (DOL) has the authority to investigate any American company to ensure Employee Retirement Income Security Act (ERISA) compliance of employee benefit plans. Audits are performed by the DOL’s Employee Benefits Security Administration (EBSA) and a DOL audit will generally include a request for a list of plan-related documents. EBSA recently levied a substantial fine against a Chicago firm for not keeping compliant.
Employers that receive audit letters may be surprised and overwhelmed by the number of documents requested by the DOL auditor. It is important for employers to maintain employee benefit documents in an organized fashion so they can respond to a DOL audit request in the event this occurs. The consultants at BenefitCorp have multiple options to help companies stay ahead of the ERISA audit game. Especially for qualified retirement plans, it is important to make sure 1) the company has proper documentation for an audit and 2) it has the latest fee structure for both internal and external audits.
Contact BenefitCorp to request a consultation.