DOL Health & Welfare Plan Audit Response and Protection: Reducing Risk Exposure to Avoid Costly Penalties

Description

The Department of Labor (DOL) is substantially increasing the number of ERISA health and welfare plan audits of employers of all sizes. The increased investigation activity presents a heightened compliance burden on small and medium-sized employers, and employee benefits advisers must be proactive in ensuring their firms are audit ready.

DOL audits subject employers to burdensome documentation demands, intrusive investigations and disruptive on-site inspections. DOL audit letters typically seek documentation of health and benefit plan compliance with the ACA, MHPAEA, HIPAA, COBRA and other ERISA requirements. DOL audits can also attract IRS scrutiny.

Penalties due to deficiencies discovered in DOL audits can be steep. One survey found that nearly one-third of all health and welfare plan audits resulted in penalties in excess of $10,000 per examination. Employee benefits accountants and advisers must evaluate and anticipate audit risks and preemptively remedy potential defects to avoid painful and expensive assessments.

Listen as our experienced panel provides a practical guide to proactively managing the document process to effectively respond to a DOL health and welfare plan audit.

Outline

1. DOL health and welfare audit correspondence process
2. Typical documentation requested in DOL correspondence
3. Making plans audit ready
4. Penalties and fines

Benefits

The panel will discuss these and other important topics:

• What documents will an employer be required to provide in a DOL audit investigation?
• What are the triggers for a DOL audit?
• What are the first steps an employee benefits professional should take upon receiving a DOL audit letter?
• What key provisions should employee benefits advisers monitor regularly and review prior to responding to a DOL audit notification?

Learning Objectives

After completing this course, you will be able to:

• Recognize and correct serious but common mistakes that lead to 401(k) audits by the DOL
• Discern plan operational errors
• Determine whether plans pass the basic DOL testing requirements
• Identify documents an employer may be required to disclose during a DOL audit

NASBA CPE Sponsor

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

CPE Credit

Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

EA Credit

Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.

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