The question isn't if your benefit plan will be audited...
Are you audit ready?
With the full implementation of the Affordable Care Act, there is more attention than ever before being placed on compliance. With thousands of new agents being hired at the federal level to audit employer benefit plans, helping clients stay compliant remains of the utmost importance to our team. We launched our DOL Defense initiative specifically to address the substantial requirements with which employers must comply.
Clearpath's Compliance Department has been designed to help employers interpret the many rules and regulations that are inherent in offering a benefits plan. Additionally, we have developed a streamlined approach to help manage all of the processes critical to satisfy auditors, without placing unnecessary burdens on your staff.
Who Conducts a Plan Audit?
The Department of Labor (DOL) has broad authority to investigate or audit an employee benefit plan’s compliance with the Employee Retirement Income Security Act (ERISA).
Audits are performed by the DOL’s Employee Benefits Security Administration (EBSA).About DOL Defender
Common Triggers for a DOL Audit.
1. Participant complaints to the DOL about potential ERISA violations.
2. Answers on the plan’s Form 5500. For example, if a plan’s Form 5500 is incomplete, or if inconsistent information is reported from year to year, the DOL may investigate the issue further.Meet Our Experts
Why the Urgency to Prepare Now?
Being selected for a DOL audit can have serious consequences for an employer. During the 2013 fiscal year, EBSA closed 3,677 civil investigations. Of these, 72.8 percent resulted in monetary penalties for employee benefit plans or other corrective action. In addition, EBSA filed 111 civil lawsuits and closed 320 criminal investigations.Get Expert Help Now