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Is Your Qualified Plan Prepared for A DOL Investigation?
The letter reads that there will be a visitor from the Department of Labor (DOL) coming to your business in roughly four or five weeks. The reason for the visit: they have determined they want to investigate your retirement plan(s).
Instantly, you begin to wonder what triggered this audit? Did an unhappy former employee call the DOL? Was your last Form 5500 done properly or did it contain an error you may have overlooked? It could be either of these or it simply might have been some time since the DOL had sent a team of investigators within your geography. Whatever the reason, you have some time to prepare. What should you pay attention to in this prep time and what could the results be of an investigation like this?
Well, here are some statistics to ponder:
- Audits have increased by more than 25% in the past few years.
- 1,000 new enforcement agents have been hired in the past year.
- Three of four audits result in a fine or penalty or both.
- The average fine has increased in recent years by $150,000 to an average of $600,000.
- In the years 2010-2013, an average of 80-100 individuals were indicted each year for offenses related to plans personally.
- In the 2013 audit year, 3,566 audits were performed, and more than $2.7 billion in fines and penalties were levied.
It's a new world in this area and now is not the time to think “this won't happen to us or our plan.”
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