You can survive a DOL audit without panicking. (Photo: Shutterstock)
INDIANAPOLIS — Although we get most important communications via email in the 21st century, there are still many things that come via snail mail, and a letter from the U.S. Department of Labor (DOL) announcing an audit of an employer's benefit plans is among them.
"Many employers panic when they get a letter from DOL, and wonder how they were selected," said Evelyn King, J.D., vice president of compliance and operations, ERISA Pros LLC. She was speaking at the BenefitsPRO Broker Expo session "How to Survive a DOL Audit," presented jointly with Erika Medina, ERISA counsel, USI Insurance Services.
Medina said the first thing employers should do is look at the codes on the letter to understand exactly what plan is being audited. For instance, a letter with a code 53 is a pension plan review and one with a 50 code is a health and welfare plan review.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.