Given the increasing amount of regulation in the realm of employee benefits and executive compensation, the Internal Revenue Service (IRS) and the United States Department of Labor (DOL) remain vigilant in monitoring plan compliance. We have broad experience working with these agencies to address qualification and fiduciary issues. We monitor agency activity to keep our clients informed about new agency policies and audit initiatives. We consult with our contacts at these agencies to ensure that our clients obtain the most up-to-date guidance and accurate advice. We have extensive experience negotiating with the IRS and DOL regarding plan errors, corrections and audits, and coordinating with all parties to achieve appropriate resolution.
Additionally we provide various services to our clients to minimize exposure to IRS and DOL scrutiny. We are regularly engaged to conduct extensive audits of our clients’ plans to ensure plans are running in accordance with the governing law and in a manner that minimizes exposure to agency review and penalties. In working with our clients, we present information to plan administrators and committees on a variety of “best practices” to ensure that plan personnel are up-to-speed on common operational issues as well as the latest fiduciary developments and changes. Furthermore, we are often engaged to identify and resolve potential plan issues relating to pending plan mergers or plan terminations. This compliance audit process allows our clients to guard against errors being first uncovered by the regulators.