Is it time for your PEO health plan or retirement plan to be audited? This is something you think would never happen, but you can’t be so sure. It only takes one participant complaint call to put the audit process in motion. In addition, the Department of Labor (DOL) has yearly metrics, just like you
ERISA INSIDER VOL. I, ED. VII: Why The EBSA Is Auditing More Plans This Year For ERISA Compliance Errors Between 2017-2020 there’s been an upward trend of EBSA enforcement actions against Employee Benefit and Retirement Plans. Here’s why you could be a target for their next investigation or audit. Dear Employer, Did you know that
ERISA INSIDER VOL. I, ED. VI: How To Select An Independent Fiduciary For Your ERISA Covered Employee Benefit or Retirement Plan There are exactly 3 criteria you should look for when hiring an Independent Fiduciary to administer, operate or offer advice to your ERISA-covered plan. Dear Employer, Are you thinking about hiring an Independent Fiduciary
ERISA INSIDER VOL. I, ED. V: Fiduciaries Make Mistakes Too. Don’t Worry, There’s A Correction Program For That… If you operate an ERISA Plan, chances are you will face compliance issues. Luckily, the DOL offers Voluntary Fiduciary Correction Programs to help you keep your head above water. Dear Fiduciary, Have you ever worried about picking
ERISA INSIDER VOL. I, ED. IV: Prohibited Transactions Exemptions Under ERISA ERISA and the DOL provide a number of Prohibited Transactions Exemptions so you can operate your plan successfully, while staying in compliance with the law. Dear Employer, Our last newsletter focused on the all important topic of Prohibited Transactions under ERISA. At first
U.S. Department of Labor Issues Long Awaited Guidance on PEO Form 5500 Filings On July 24, the Department of Labor (DOL) Employee Benefits Security Administration (EBSA) issued a “Field Assistance Bulletin” that provides both guidance and relief on PEO Form 5500 filings. The Bulletin states the following: DOL is not going to penalize any
The Department of Labor's just released recovery monies for 2019 showed a 162% increase from 2018 ($2.6 v $2.1 billion), and a 236% increase from 2017 ($2.6 v $1.1 billion). Why, and what does this mean for you? We’ve had discussions with our D.O.L. sources and couldn’t get anything on record, but safe to
ERISA INSIDER VOL. I, ED. III: Are You Making These Prohibited Transactions Under ERISA? Understanding how to avoid “Prohibited Transactions” under ERISA can save your organization from DOL violations, fines & penalties for being out of compliance. Dear Employer, One of the biggest mistakes we see Fiduciaries make is engaging in “Prohibited Transactions” under
ERISA INSIDER VOL. I, ED. II: Why Your Form 5500 Could Get You Audited Form 5500 “audit triggers” are easily avoidable. But, if left unchecked, will land you in the crosshairs of the DOL’s investigative team. Dear Employer, Most organizations that get audited by the DOL’s Employee Benefits Security Administration, or EBSA for short,
DOL/EBSA has filed suit against the fiduciaries of a health plan. The lawsuit states that breaches of fiduciary liability and the improper use of funds has caused the company's health Plan to be unable to pay $7,000,000 in claims. The EBSA has been active in opening new investigations along with filing suit and going