I have to see that as after 18 years, there is very little I fear and I fear of retirement plan audits by the Department of Labor (DOL). I\u2019m going to have a larger fear as it\u2019s clear that DOL audits will increase thanks to increased regulation and oversight.<\/p>\n
Why do I fear it? Usually, unlike Internal Revenue Service (IRS) audits, they don\u2019t seem to be random. There is a randomness to many, but many audits are thanks to a complaint filed by an aggrieved plan participant. My two biggest DOL audit issues were from issues that appeared small, but were bigger plan disasters and both resulted from former employees that they weren\u2019t covered under the plans when they should have. Complaints and audits are an opportunity for the DOL to dig and they do a really good job of digging. I think they are scarier because unlike the IRS audits, they\u2019re concerned about the rights about plan participants and when you are trying to identify if someone\u2019s rights are being violated, then you maybe a little more dedicated in what you\u2019re doing and I find DOL agents to be very knowledgeable and through.<\/p>\n
If you hear from the DOL, immediately contact an ERISA attorney. I say that with peace and love, don\u2019t ever handle it by yourself.<\/p>\n
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