Are you prepared for a DOL Audit of your Benefits plans?
03/30/2015
By: Brenda J Sabin
The DOLs focus for 2015 and beyond has turned to compliance since the implementation of many of the Affordable Care Act’s (ACA) regulations. As such, audits of employee benefit plans are on the rise, with one statistic stating your chance of an audit is 100%! Many employers may not be prepared for a DOL audit on their benefit plans which is why many experts are recommending a self-audit every few years.
The Employee Benefits Security Administration (EBSA) of the DOL has the authority to audit compliance for several laws including the ACA, ERISA, HIPAA and Mental Health Parity. In addition they may audit your information on minimum loss ratios and PCORI fees. The ACA also means that due to reporting requirements, the IRS may be auditing you as well.
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