Compliance Audits and Training

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We conduct comprehensive diagnostic audits of our clients’ plans and operations to ensure compliance with the Internal Revenue Service (IRS) and the United States Department of Labor (DOL) mandates, including plan qualification matters, reporting and prohibited transactions. We regularly assist clients with filing under the IRS Voluntary Correction Program. In addition, because of our practical industry experience and familiarity with recordkeeping systems, we take a practical approach to violations of the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. We help our clients identify multiple solutions for potential concerns and consult with clients and service providers to develop the best and most cost-effective solution, including regularly assisting our clients with the IRS’s Employee Plans Compliance Resolution System (including self-correction programs).

We often conduct fiduciary “audits” for our clients which focus on good fiduciary practice with respect to investment selection, the hiring and retention of managers and the ongoing documentation required of plan fiduciaries. In addition, we have prepared and conducted seminars for our public- and private-sector clients with respect to the investment decision process and fiduciary obligations. The seminars and discussions focus on internal policies and procedures as well as documentation of decisions and actions relating to benefits administration and fund investments. We believe personal interaction with these individuals—individuals who are responsible for developing and enforcing employee benefit plan policies—is essential to our providing comprehensive service and gaining a full understanding of our clients’ objectives.