The U.S. Department of Labor (DOL) is planning on auditing all employee benefit plans by the end of 2015, which means it’s the perfect time to make sure all of your plans are in order. Keep these tips in mind to help prepare for the audit of all the employee benefit plans at your business.
- Keep all documents. There’s no way to know when the DOL will audit your business, so it’s important to make sure that you’re always ready. If you don’t have the right paperwork when you’re audited, the DOL could make additional requests for documents, on-site visits, and interviews.
- Look out for letters. Before your company is audited, the DOL will send a letter to your company that will explain the process and the documents they’ll need to have access to.
- Know what the DOL is looking for. The DOL will need a few different documents when they audit your employee benefit plans, including agreements and contracts with service providers and records of the steps you’ve taken to comply with all the requirements laid out by the ACA.
If you have a third party that maintains your employee benefit plan, make sure to notify them of the possibility of an audit to ensure that they have the right documents and will be able to produce them during the audit.
For more information on how to get your company ready for an audit, contact Pacific Group. With locations in Laguna Hills and Palos Verdes Estates, we’ll work with you to ensure that you’re able to offer the right employee benefit plans to your employees that meet all the standards that were set by the ACA.