Did you get an audit letter from the Department of Labor? Here’s what to do next:
If you received a letter or a phone call from the Department of Labor informing you that your ERISA-covered plan is being audited, you need to take action now.
Chances are, if you haven’t been keeping up with compliance issues (which probably triggered the audit in the first place), you are in for months and maybe years of legal and financial headaches.
The good news is you can get help from an ERISA Independent Fiduciary to take a deep dive into your documents and find compliance problems before the DOL investigators do.
If you take corrective action fast, you have a much better chance of reducing potential fines & penalties against your company and Plan Fiduciaries.
Our Process To Minimize Findings & Reduce Penalties
Our President, William Kropkof, was an Investigator for the Department of Labor for 7 years before he began his career as an ERISA Independent Fiduciary in 1995.
When conducting an overview of your Plan, William uses the same audit checklist as the DOL does to find every potential compliance problem DOL investigators will find during their audit.
To help you take corrective action and minimize findings, he will take the following steps:
- Conduct a total document review of your Form 5500, Summary Plan Description (SPD), and other plan documents that could contain glaring compliance errors under ERISA.
- Compile a list of compliance problems the DOL investigators could find during their audit.
- Make recommendations to fix the most immediate problems, so you can show the DOL you are actively working to get in compliance.
- Write up a thorough report outlining the more complex problems, along with a series of corrective action steps you can take to get in compliance.
- Assume fiduciary liability for the plan after the point for which you are being audited (in some cases).
- Communicate with DOL investigators to answer questions and report corrective actions being taken during the audit process to get your plan in compliance.
- Develop strategies and procedures to keep your plan compliant in the future.
It’s Not Too Late, But You Have To Act Now
It’s always best to stay ahead and have a prudent expert in ERISA compliance take charge before you get hit with an audit. But, even now, it’s not too late to take action.
If your company is currently facing an EBSA audit of your Plan, then book a free consultation with us immediately to help you get in compliance and show the DOL you are taking corrective action.
Click Here To Book A Strategy Session With William Kropkof To Help You Survive Your Audit