Being selected for a Department of Labor (DOL) audit can have serious consequences for an employer. According to a DOL audit report for the 2016 fiscal year, nearly 7 out of every 10 investigations resulted in penalties or required other corrective action, such as paying amounts to restore losses, turning over profits, and ensuring claims were properly processed and paid.
Below are a few questions to determine if your organization is at risk for penalties. For each question, give yourself 0 points for YES, 2 points for NO, and 2 points for UNSURE. The higher your score, the more at risk you are for a DOL audit.
– Have you reviewed your employee classifications within the last year?
– Do you have an updated overtime policy?
– Do you know if your benefit plans comply with the Employee Retirement Income Security Act (ERISA)?
– Have you conducted policy training with HR employees within the last year?
– Have you received a DOL penalty within the last three years?
– Are you familiar with the most common DOL audit triggers?
– Are you confident you would pass a DOL audit today?
For a full list of questions and a complete DOL Audit Guide, contact Benefits Planning Service at (800) 916-2012. Our DOL Audit Guide will ensure that you’re taking all the steps you can to reduce your chances of being audited by the Department of Labor. In the unfortunate event that you are audited, our DOL Audit Guide will walk you through the steps of an audit and provide you with a checklist of commonly requested items to make sure you’re prepared to help the audit go as smoothly as possible. And, as always, Benefits Planning Service is here to help.