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Each year, the DOL hires department investigators who are specifically devoted to auditing plan sponsors and providers, and it is ramping up the numbers, Sohn said. Historically, the department looked just at plan sponsors, and only investigated providers because of a complaint, Sohn said. Now, the auditing can come from either direction. The DOL is also heightening its focus on third-party administrators (TPAs) because their services are discrete, Sohn said, and the department will likely expand its attention to recordkeepers and broker/dealers. Now, the department is in information and learning mode, but the new administration and DOL funding will affect what happens next. Regardless, the department will keep looking. While it is not at the point where all providers or sponsors are subject to cyclical audits, the DOL is “taking a lot of its plays out of the SEC [Securities and Exchange Commission] playbook,” Sohn said.The webinar was hosted by AXIS Retirement Analytics Platform, a retirement information system offered by Castle Rock Innovations to provide 408(b)(2) compliance education. It was the first in a series of monthly webinars about best practices for DOL audits.
Each year, the DOL hires department investigators who are specifically devoted to auditing plan sponsors and providers, and it is ramping up the numbers, Sohn said. Historically, the department looked just at plan sponsors, and only investigated providers because of a complaint, Sohn said. Now, the auditing can come from either direction.
The DOL is also heightening its focus on third-party administrators (TPAs) because their services are discrete, Sohn said, and the department will likely expand its attention to recordkeepers and broker/dealers. Now, the department is in information and learning mode, but the new administration and DOL funding will affect what happens next. Regardless, the department will keep looking. While it is not at the point where all providers or sponsors are subject to cyclical audits, the DOL is “taking a lot of its plays out of the SEC [Securities and Exchange Commission] playbook,” Sohn said.
The webinar was hosted by AXIS Retirement Analytics Platform, a retirement information system offered by Castle Rock Innovations to provide 408(b)(2) compliance education. It was the first in a series of monthly webinars about best practices for DOL audits.
Kristen Heinzingereditors@plansponsor.com