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ARTICLE · 05 AUGUST 2021

How To Prepare For A Plan Audit

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In most cases, the odds of receiving notice from the IRS or Department of Labor (DOL) stating that they plan to audit your retirement plan are slim.

United StatesEmployment and HR
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In most cases, the odds of receiving notice from the IRS or Department of Labor (DOL) stating that they plan to audit your retirement plan are slim. However, if that situation arises, it is important to be prepared for what lies ahead. Knowing what is involved can enable you to stay on top of your legal and regulatory obligations, as well as help you successfully navigate through a plan audit.

IRS VERSUS DOL AUDIT

There are differences between an IRS and DOL plan audit, as the IRS and the DOL have different areas of authority in policing retirement plans. Generally speaking, the DOL focuses on fiduciary breaches and "prohibited transactions" spelled out in ERISA. The audits may be triggered by a participant complaint, information provided on the annual Form 5500 or a participant inquiry to either agency regarding plan operation. The DOL can penalize and, in extreme cases, through the court system, jail offending fiduciaries.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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