Whether being subject to an involuntary EBSA Audit, or undertaking a voluntary correction program, there are certain things a plan sponsor should be looking for (and looking out for) if they are going to have the EBSA nosing around their plans. The EBSA recently held an online seminar about things to anticipate in an EBSA investigation and here are some things that are important to remember.
The general emphasis in an EBSA review falls into one of six categories: review of plan assets, reporting and disclosure, bonding, general plan operations, compliance with plan documents and remittance of employee contributions. The objective is to make sure that the plan is being operated in accordance with statutory guidelines. These six areas of focus are what the statutes generally require.
