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Benefit professionals, at a minimum, should take the time now to sit down with outside ERISA counsel and plan an internal audit to ensure that their plans are in compliance, says Heidi L. Lamarca, a principal and practice leader for Windham Brannon, a chartered professional accounting firm. She outlines 10 red-flag risk areas that often draw the DOL’s attention and could trigger an audit of your 401(k) plan.
1. Missteps with the plan's eligibility requirements.
Some employees may be enrolled too early or too late -- or forgotten altogether, which can be the case with employees working at another corporate affiliate or division.