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How many audits of benefit plans are performed each year?

Do you have information about the approximate number of plans that are audited each year? In addition to number of audits I would like to know the following: approximate % that are limited scope approximate % by type of plans, that is 401(k), health and welfare, defined benefit, etc.

thank you

Jan 26, 2012 by Martha from Providence, RI in  |  Flag
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Pamela Ann Popp Level 12

Not sure of the exact question you're asking, and whether you are referring to independent financial audits which are generally required for all plans with more than 100 participants, or to DOL audits. If the latter, see th attached fact sheet published by EBSA. It may not have all of the information you are looking for, but may be a good place to start. Please contact me if you have further questions on the topic. http://www.dol.gov/ebsa/newsroom/fsFYagencyresults.html

Comment   |  Flag   |  Oct 15, 2012 from Overland Park, KS

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The DOL conducts more than 3,000 audits each year, andis increasing the number of personnel it has so expect that number to increase. In over 70 percent of the audits they find some sort of failure, either in the operation of the plan or in the interpretation of the plan provisions. There are exorbitant amounts of money fined against plan sponsors. Correcting a simple thing like monthly contributions (the old rule) to 7-days after payroll can cause an enormous headache to figure out not to mention 1th 15% penalty.

It's best to have an independent review every couple years on your plan so you can get perspective on the new rules.

Comment   |  Flag   |  Jan 19, 2013 from Reading, PA

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Most providers send out quarterly reports to advisors who manage plans, in addition to the advisor, CFO/Board investment company checking in between

Comment   |  Flag   |  Jan 26, 2012 from Boston, MA

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