Category Archives: Compliance

04 Nov

Navigating a DOL Plan Audit

In 2013 the Department of Labor completed 3,667 401k plan investigations. Their audits found violations in almost 75% of the cases. The result (not including 88 criminal indictments) was $1.7 billion in re-imbursments and fines – an average of $618 k per plan.

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03 Oct

DOL Retirement Plan Audits to Rise Dramatically

In this article from Benefits Pro the author notes that DOL fines for non-compliance are up dramatically in 2013 and it is expected that this trend will continue in 2014. We have recently learned that the DOL has hired 15,000 new auditors over the last year. In 2013 the DOL collected $1.69 Billion in fines,

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03 Sep

Top 10 401k Audit Problems

When the Internal Revenue Service (IRS) launched a series of “LESE [Learn, Educate, Self-correct and Enforce] examinations” last year, one of its intentions was to discover trends in compliance failure among qualified retirement plans. Here are the most frequently cited compliance errors. By avoiding these mistakes, compliance experts say sponsors can go a long way

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