Top IRS And DOL Audit Issues For Retirement Plans

Every year the Internal Revenue Service (IRS) and Department of Labor (DOL) conduct thousands of audits of employee benefit retirement plans. While IRS audits focus on compliance with the Internal Revenue Code, and DOL audits focus on violations of the Employee Retirement Income Security Act of 1974, as amended (ERISA), a review of these audits over the last five years reveals that auditors at both agencies are increasingly focused on the internal controls employers maintain for their employee benefit plans.

At the same time, due to the myriad IRS and DOL compliance requirements for retirement plans, we have found that employers need help prioritizing their efforts in establishing and maintaining these internal controls.