Surviving the Audit: Minimizing Risk


Our blog series “Surviving the Audit” is a supplement to our free webinar which airs on Tuesday, July 7 at 10:30 a.m.

An employer has little control over whether or not the Department of Labor will audit their business.  However, an employer can take some steps to minimize their exposure to a DOL audit.  The following is a list of steps to take to help minimize the risk of an audit.

Step 1: Respond In a Timely Manner – make sure to respond to participants’ benefit questions and requests for information in a timely manner.  Making sure that you respond quickly can help minimize complaints made to the DOL by participants.

Step 2: File Form 5500 – not only does an employer need to file Form 5500, but they need to make sure it is filed accurately and on time.  Inconsistencies on a Form 5500 are a red flag for an audit.

Step 3: Distribute Participant Notices – any participant notices required by law must be distributed to employees by the deadline.

Step 4: Update Documents – plan documents and summary plan descriptions must be updated in a timely manner to reflect all legal and design changes.

AUI has tools that can help you prepare your business for an audit.  Contact us today to see how we can help you.

Disclaimer: The intent of this analysis is to provide general information regarding the provisions of current healthcare reform legislation and regulation.  It does not necessarily fully address all your organization’s specific issues.  It should not be construed as, nor is it intended to provide, legal advice.  Your organization’s general counsel or an attorney who specializes in this practice area should address questions regarding specific issues.

We do more than cover small businesses and individuals with the right insurance policies and benefit plans – what motivates our team is helping you save more so you can invest more in your team, family, and goals.

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