In a previous post, I reviewed seven ways your company can stay prepared for a Department of Labor (DOL) audit. This post covers the three phases of the audit: pre-audit, the audit itself, and post-audit.
Phase 1: You Have Been Selected for a DOL Audit
If you are selected for a DOL audit, you will be provided a written notification along with the list of initial information needed for the audit. The DOL may audit the 401k plan, the health and welfare plan, or any other qualified plan that the company offers. It may be one, two, or three plans that the DOL audit. Typically, the DOL will start with the current year and go back three years, but this is not definite.