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Is Your Qualified Plan Prepared for A DOL Investigation?

By Charles B. Blanton, Jr.

The letter reads that there will be a visitor from the Department of Labor (DOL) coming to your business in roughly four or five weeks. The reason for the visit: they have determined they want to investigate your retirement plan(s).

Instantly, you begin to wonder what triggered this audit? Did an unhappy former employee call the DOL? Was your last Form 5500 done properly or did it contain an error you may have overlooked? It could be either of these or it simply might have been some time since the DOL had sent a team of investigators within your geography. Whatever the reason, you have some time to prepare. What should you pay attention to in this prep time and what could the results be of an investigation like this?

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