If a company retirement plan isn't in compliance with IRS or Department of Labor regulations, both employers and employees could be hurt financially.
In 2013, the DOL collected $1.69 billion in fines, voluntary fiduciary corrections and informal complaint resolutions, a 33 percent increase over 2012's $1.27 billion tab.
When plans are out of compliance — and according to Department of Labor data, the problem is getting bigger all the time — employers or their employees are stuck paying taxes and penalties.
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