The Department of Labor (DOL) has broad authority to investigate or audit an employee benefit plan’s compliance with the Employee Retirement Income Security Act (ERISA). Audits are performed by the DOL’s Employee Benefits Security Administration (EBSA). To perform these audits, EBSA employs over 400 investigators working out of field offices, many of whom are lawyers or CPAs or have advanced degrees in business and finance.
Did you know that the Department of Labor (DOL) can audit an employee benefit plan’s compliance with the Employee Retirement Income Security Act (ERISA) and the Affordable Care Act (ACA)? Now that the DOL has started enforcing compliance with the ACA, health plan audits are on the rise.
Do you know how to minimize the risk of your organization being selected for an audit and are you providing all the required disclosures to your plan participants?
Heffernan Insurance Brokers has created a DOL Audit Guide for Employee Benefit Plans to assist employers in preparing for an audit.