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.
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Rosalie Donlon
Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].
