Engaging ERISA Counsel
Engage ERISA counsel at the first sign of a DOL audit — before responding to any audit requests. ERISA counsel can help develop the audit response strategy, review documents before production, communicate with the DOL investigator, and advise on privilege protections. The cost of ERISA counsel is far less than the cost of an adverse audit finding.
Cooperation vs. Waiving Rights
Cooperation with the DOL is generally the best strategy — plans that cooperate are treated more favorably than those that resist. But cooperation does not mean waiving rights. ERISA counsel can help you cooperate with the audit while protecting your rights, including attorney-client privilege, work product protection, and the right to challenge adverse findings.
Addressing Audit Findings
IQ Insight
Audit findings should be addressed promptly and corrective actions documented. The DOL is more likely to close an audit with a voluntary correction agreement than to pursue formal enforcement action against a plan that promptly corrects identified violations. Work with ERISA counsel to develop a corrective action plan and present it to the DOL investigator.