The question isn't IF your benefit plan will be audited...But WHEN will it be audited - and are you ready?
Being audited is a huge burden without the right preparations and defense. For companies, being audited, demonstrating proof, knowledge and compliance of the requirements in their workforce is a lengthy and stressful process, particularly when you get caught off guard.Staying prepared every step of the way will take the weight of a possible audit off your shoulders.
- Are you following the rules and regulations in your workforce?
- Do you have documentary evidence of compliance at every step of your process?
Despite what many business owners believe, anyone can be audited. Whether you are under or over 100 employees, you’re just as likely to find yourself being audited by the DOL, and they don’t always send you a notice. Don’t take the chance of being surprised by any audit.
DOL Defense from Saxon will help keep you in the know, when it comes to all those pesky compliance regulations.
DOL Audit Defense Includes:
- 5500 Audit & Reporting
- COBRA Administration Guidance
- Legislative Guides (COBRA/HIPAA/FMLA/PPACA/Section 125)
- Compliance Updates
- Benefit Booklet Template/Review
- PPACA Employee Notices & Notification Requirements
- SPD Wrap Service
- SBC Distribution Support
- Compliance Updates / Alerts
- ERISA Attorney
- Health Care Reform Milestone Manager
- “Pay or Play” Financial Impact Analysis
- Employment Law Updates & Reminders
- HR Bulletins, Forms & Library
You might think you’re in the clear, because you have great employees.
Think again.
Having well informed employees is only half the battle when it comes to DOL audits. Some of the most common reasons for being audited are:
- For groups with over 100 employees, completing a Form 5500 late or not completing it at all is a HUGE red flag.
- But a complaint from an employee can easily land a company with under 100 employees in the hot seat too.
These days, surviving an audit is not as easy as it was. The ACA has added to your workload, and staying in control, up to date and compliant isn’t as simple as showing implementations within your company – you must also demonstrate them.
Not enough time to absorb the information and compliance regulations?
You may think so, but you better get prepared to deal with the consequences.
As laws change, compliance regulations shift, and things get a lot more complicated. That means being up-to-date is more important than ever. The DOL doesn’t give you a chance to predict anything, leaving you in the dark and stressed about what you need to prepare for.
Don’t let yourself get overwhelmed by all the possibilities – staying in compliance puts you ahead of the competition because it improves your company’s processes. You will stand a better chance of surviving the inevitable DOL audit with someone like us on your side.
The DOL is much sneakier than you may think.
Not receiving advanced notice isn’t necessarily a good sign. Were you thinking, “I’m not getting audited, because I didn’t get a letter from the DOL?” WRONG.
It’s a courtesy that they send advanced notice, not a requirement, and assuming you won’t be audited is playing with fire when it comes to the DOL.
Gathering information, being prepared and knowing what to expect may seem a little overwhelming at first, but that’s why Saxon is here to take some of that burden off your shoulders.