Internal controls are essential to maintain the trust of employees in regard to their benefit plans. However, implementing strong control systems is a complex undertaking. The Department of Labor (DOL) and the Internal Revenue Service (IRS) are just two government agencies keeping track of internal controls on employee benefit plans.
The DOL and the IRS have offered indications that they are more favorably inclined towards plans which have clear sets of internal controls governing them. This has been supported by presentations given at professional conferences and DOL courses. Employee benefit plans examination processes are usually faster and more efficient when a clear set of internal controls are already in place.Read More