Being Prepared for a Possible DOL Audit

The problem at hand.

The Department of Labor (DOL), and their enforcement arm Employee Benefits Security Administration (EBSA), are responsible for the investigations and audits of any size 401k Plans.  Even if you’re a small company, with just a handful of employees, your Plan could be investigated or audited.

Employers seldom expect, and are caught off-guard, when they receive a DOL inquiry letter.  Being prepared to accurately and promptly address the Inquiry is your opportunity to avoid an Onsite Plan Audit by EBSA.

Avoid the audit, save time and money.

Evading the Audit is critical – as over 2/3’s of EBSA investigations result in monetary recovery from the Plan Sponsor.  This is why our 401kActiveWatch Team of Experts reacts quickly to help you and your current 401k Service Providers in delivering an appropriate and timely Inquiry Response to the DOL / EBSA.

ERISA attorneys always advise their clients to be prepared for a DOL Audit, by maintaining a well documented fiduciary process.  401kActiveWatch will assist you in gathering historic Plan Records, initiating and improving your Fiduciary Process and by creating an updated Fiduciary File.

In addition, if the Audit cannot be avoided, we’ll recommend independent Legal Counsel for your consideration.  To learn more, please watch this brief video segment from our “401k Liability Trap” Symposium.

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