07 May 2014

Tips for Minimizing Your Risk for a DOL Audit – HR 360, Inc.

The following are some quick tips that may help you lesson your exposure to a DOL audit:

  • Maintain all documents related to welfare benefits plans in one location
  • Designate one person at the company to take charge of the welfare benefits plans
  • Review and understand all plan documents
  • Make sure all ERISA-covered benefit plans comply with relevant laws such as ACA and HIPAA
  • Respond to employee and beneficiary requests for an SPD and Plan Document within 30 days
  • Amend SPDs and Plan Documents to reflect any changes to plan design or legal requirements
  • Distribute Required notices, such as COBRA and SBC notices, within required timeframes
  • If Form 5500 must be filed, be sure to complete all components accurately and file before the required deadline
  • Establish written procedures for disputes and claims resolution