What is an ERISA Fiduciary Compliance Overview?
Did you know the Employee Benefits Security Administration (EBSA) is the Department of Labor agency that administers, regulates, and enforces Title I of ERISA?
In fact, from 2017 to 2019, EBSA increased their monetary recoveries from enforcement actions against employers who were out of compliance from $1.1 billion dollars to $2.5 billion dollars.
Additionally, in 2019 alone, they closed 275 criminal cases and indicted 76 people for crimes related to Employee Benefits Plans.
Fortunately, when the Department of Labor audits an ERISA Health & Welfare Plans or ERISA Covered Retirement Plans, they take a specific set of steps to identify compliance errors.
You can be proactive now and conduct an ERISA Fiduciary Compliance Overview to mirror that process and get out in front of any potential problems that could result in fines & penalties if your business is targeted by the DOL.
Our President, William Kropkof, was an Investigator for the Department of Labor for 7 years prior to becoming an ERISA Independent Fiduciary in 1995.
When conducting an ERISA Fiduciary Compliance Overview of your Plan, William uses the same audit checklist as the DOL does to find every potential compliance problem that would be detected if you get audited.
He follows a 3-step process:
- Conduct a document review of your Form 5500, Plan Document, other plan documents that could contain glaring compliance errors under ERISA. (This will also include interviews with key staff to make sure they are performing their duties correctly under ERISA.)
- Write up a formal report that shows you exactly which compliance errors the DOL would find, and what potential penalties your company and fiduciaries could face if they are not corrected.
- Recommend corrective actions you can take to lower your risk of being audited or minimize findings if you are asked to turn over documents.
ERISA Fiduciary Compliant Services
ERISA Advisory Group offers comprehensive ERISA Fiduciary Services including:
Identify Problems With Your Plan & Start Taking Corrective Action Now
Instead of waiting and wondering “what if” when it comes to potentially being audited by the DOL, it is best to be proactive and hire an ERISA Consultant to conduct a formal review of your Plan.
Doing so will not only protect you against potential fines & penalties for being out of compliance but also uncover any weak spots in your current plan strategy that might be stopping you from achieving your goals.
ERISA Advisory Group offers a multitude of ERISA Covered Plans and ERISA Fiduciary Compliance Services to ensure that you are compliant and avoid governmental penalties.
Call ERISA Advisory Group Today
If you want to stay ahead of the curve and run a smart Plan, then contact ERISA Advisory Group to book a strategy session with us to see if you can benefit from an ERISA Fiduciary Compliance Overview.
Click Here To Book A Strategy Session With William Kropkof And Request An ERISA Fiduciary Compliance Overview Of Your Plan