October 3, 2014 In Compliance
DOL Retirement Plan Audits to Rise Dramatically
In this article from Benefits Pro the author notes that DOL fines for non-compliance are up dramatically in 2013 and it is expected that this trend will continue in 2014. We have recently learned that the DOL has hired 15,000 new auditors over the last year.
In 2013 the DOL collected $1.69 Billion in fines, up from 2012’s $1.27 Billion. As compliance becomes more complex and oversight increases, now is a good time for Plan Sponsors to ensure that their plans are in compliance. See this article for the Top 10 Audit Problems.