Recently the federal government through enforcement agencies, Department of Labor and Internal Revenue Service have requested and received funding to step up enforcement on existing legislation such as ERISA, COBRA, HIPPA and many other benefit related legislation.
The rules and laws are complicated. In fact, the vast majority of businesses who are noncompliant are simply unclear of the extent of their responsibilities. Of course, this provides little effective defense when under audit, investigation, or lawsuit. How certain are you that your plans are in compliance and satisfy the DOL’s definition of fiduciary governance?