News & Analysis as of

Audits Department of Labor (DOL) Benefit Plan Sponsors

Bricker Graydon LLP

Did Your Auditors Find an Error During Your Plan Audit?

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It is the first week of summer, even though in Ohio the smoldering heat has made it feel like summer for weeks now. Summer reminds many of us of pool days, eating watermelon and corn on the cob, Fourth of July fireworks, and...more

Bricker Graydon LLP

Avoiding the Cost of an Annual Plan Audit Just Got Easier for Thousands of Employers

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In welcomed news, under newly released DOL regulations, the Department of Labor (DOL) has updated the Form 5500 filing requirements to reduce the number of plans that will be required to obtain an annual audit. The rule...more

Jackson Lewis P.C.

Going to Bat for Hiring a Great Benefit Plan Auditor

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Baseball season has just started, and retirement plan auditing season will soon kick into high gear. Many plan sponsors don’t see the value of a good auditor; they just see the audit as a cost of doing business. That’s too...more

Kaufman & Canoles

ESOPs & Employee Benefits Q1 2023 Client Update

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Welcome to Spring! We hope the new season finds you ready for the upcoming benefits changes that 2023 has in store. ...more

Holland & Hart - The Benefits Dial

Should I Pay Or Should I No(t) Now: Which Expenses Can be Paid with Plan Assets?

One question that often comes up is whether an expense related to an ERISA plan can be paid with plan assets. The decision of whether to use ERISA plan assets to pay an expense is an ERISA fiduciary decision. With the recent...more

Faegre Drinker Biddle & Reath LLP

The Annual Form 5500 Audit: DOL Broadens Criteria for Independent Qualified Public Accountants

The Department of Labor (DOL) recently removed one regulatory hurdle for public companies that maintain employee benefit plans subject to the Form 5500 requirement. Specifically, the DOL has relaxed the criteria for who...more

Verrill

Required Minimum Distributions and Missing Plan Participants

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In January of 2021, we published two blog posts regarding Department of Labor (“DOL”) guidance on missing retirement plan participants. The first post describes DOL guidance on best practices for locating missing retirement...more

Epstein Becker & Green

[Webinar] Hot Topics and Trends in Employee Benefits: What Employers Need to Know - November 3rd, 12:00 pm - 1:30 pm ET

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Attorneys from our Employee Benefits and Executive Compensation practice provide insights on current issues facing various types of employee benefits programs. Topics include: - Cybersecurity - DOL Audit Initiatives -...more

Bass, Berry & Sims PLC

DOL Begins Audit of Retirement Plans for Cybersecurity Shortfalls

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To increase protections for the estimated $9.3 trillion in American retirement assets, the Department of Labor (DOL) has begun a new cybersecurity audit initiative for retirement plans. After providing its first set of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When the government calls, call an ERISA attorney

The worst thing you can do is to handle things that you can’t. The one thing that plan sponsors can’t handle and shouldn’t is when they are contacted by the Internal Revenue Service and Department of Labor for an audit of...more

Smith Gambrell Russell

DOL Issues Cybersecurity Guidance for Retirement Plans

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Earlier this month, the U.S. Department of Labor (the “DOL”) issued informal guidance outlining “best practices” for managing the cybersecurity risks facing employer-sponsored retirement plans. Although the DOL has...more

Perkins Coie

US Department of Labor Issues Highly Anticipated Cybersecurity Guidance for ERISA Plans

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On April 14, 2021, the U.S. Department of Labor (DOL) released three-part guidance on cybersecurity issues for employee benefit plans, marking its first significant commentary on the issue since its comprehensive but...more

Moore & Van Allen PLLC

USDOL Offers Guidance on Data Security for Plan Fiduciaries and Service Providers

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The Employee Benefits Security Administration of the United States Department of Labor (“EBSA”) recently published guidance regarding cybersecurity best practices for recordkeepers and service providers responsible for plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Gambling against an audit is a bad bet

I love Las Vegas and the last two times I was there; I didn’t gamble a nickel. I hate gambling because I hate to lose. For me, getting up in the morning is a big enough gamble. A lot of plan sponsors gamble when they...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Don’t gamble for a DOL audit

The last two times I was in Las Vegas, I didn’t gamble a penny. I didn’t gamble because I hate to lose. Yet I see so many plan sponsors and plan providers gamble by not correcting a glaring compliance issue and play that...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Get that bond

It’s an easy requirement that many plan sponsors think they’ve accomplished, but they haven’t received the right one. We’re talking about an ERISA bond and often plan sponsors on a Department of Labor audit are told by the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Call an ERISA attorney when you get the government’s call

When you get pulled over by the police while driving, the best way to handle is to be pleasant and not be argumentative. You listen to the officer as to why he pulled over. Being belligerent and non-cooperative will only lead...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

On The Form 5500, sometimes the answer lands you in trouble

When you’re filing that Form 5500, just notice that certain answers may likely lead you to an Internal Revenue Service or Department of Labor audit....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The DOL is still targeting late deferrals

It should be the simplest thing to do, yet so many plan sponsor fails to do it. What I’m talking about is the late deposit of deferrals and it’s been the biggest reason I’ve seen why the Department of Labor (DOL) are auditing...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The easiest mistake most 401(k) plan sponsors make

The road to hell is paved with good intentions and that’s how I feel when it comes sometimes to what a 401(k) plan sponsor does. Yet, there is an error that too many 401(k) plan sponsors do that the Department of Labor (DOL)...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Forfeitures can be a compliance headache

Defined contribution plans such as 401(k) plans have a forfeiture provision if there are contribution in the plan that are not immediately vested. The problem with the forfeiture provision is that they are usually neglected...more

McDermott Will & Emery

Reports on Increase in Retirement Plan Audits Further Illustrate the Need for Plan Sponsors to Focus on Administrative Compliance

In Depth - Recent reports show that the number of retirement plan audits by government agencies is increasing. A survey released by Willis Towers Watson indicates that one in every three plan sponsors has experienced a...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - June 2016

The New Fiduciary Rule: What It Means To Plan Sponsors - Bottom line: what does it mean? More than a dozen years ago, there was a medical report that dental plaque could cause heart disease. I thought it was some...more

Poyner Spruill LLP

New Projects and Updates From the IRS Employee Plans Compliance Unit

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The IRS Employee Plans Compliance Unit (EPCU) recently announced two new projects and updated two others. In each case EPCU is using compliance checks as a tool to increase IRS enforcement presence and ensure compliance....more

McDermott Will & Emery

DOL Report on Quality of Independent Plan Audits Shows that Plan Sponsors Must Continually Monitor Plan Compliance

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The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL) recently released “Assessing the Quality of Employee Benefit Plan Audits,” a comprehensive report reviewing the quality of audit work...more

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