Audits and Investigations
We conduct comprehensive diagnostic audits of 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, ERISA reporting and prohibited transactions, and we regularly assist with filings under the various IRS and DOL voluntary correction programs.
As a result of our experience and familiarity with recordkeeping systems, we take a practical approach to violations of the ERISA and the Internal Revenue Code. We help clients identify the best, most cost-effective solutions, including assisting clients with the IRS’s Employee Plans Compliance Resolution System (including self-correction programs) and IRS guidance on correction nonqualified plan errors. Given the breadth of our compliance practice, we know many of the decision makers at the IRS and DOL and have good relationships with all of them.
We conduct fiduciary audits focused on applying good fiduciary practice to investment selections, the hiring and retention of service providers and the ongoing documentation required of plan fiduciaries. In addition, we prepare and conduct seminars for public- and private-sector clients on fiduciary obligations and fiduciary best practices. These seminars and discussions focus on internal policies and procedures as well as the documentation of decisions and actions relating to benefits administration and fund investments. Our clients have found that these discussions often preempt lengthy and intrusive IRS and DOL investigations.