The Department of Labor (DOL) has increased its workforce considerably. What does that mean? More investigators equals more investigations. When you consider that 96 people were indicted in 2010 for violation of laws regarding company benefit plans and that nearly 75% of all investigations result in some sort of fiduciary, reporting, or disclosure violation, it’s no wonder that many business owners are concerned about an unwanted audit by the DOL.
In our experience, businesses with financial issues have become vulnerable to inappropriate behaviors by the employer. The DOL is aware of this and sends investigators to target businesses in industries which are struggling. Has your industry fallen on hard times? What can you do if you are notified that the DOL is going to investigate your plan? Immediately contact AlerStallings. We have relationships with many professionals who can help.
Be proactive. Get protected. Let us help make sure that your plan complies with current law, contact us to set up a consultation today. Bringing on a professional to review your plan will help ensure that you have lived up to your fiduciary obligation.