A recent article in Employee Benefit News addresses some of the Plan errors and problems that would catch the attention of the DOL

  1. Respond promptly to any employee questions or complaints. According to the article, the most frequent cause for DOL attention is employee complaints received by the DOL.
  2. Make sure your plan is clearly explained to all employees to avoid complaints
  3. Address trouble areas of the Plan before the DOL decides to audit
  4. File your 5500 correctly- this is the second most likely cause for your plan to receive the attention of a DOL audit

Common errors encountered filing the 5500 for a 401(k) plan include:

  • Not attaching all required schedules
  • Failing to answer multi-part questions
  • Failing to include all eligible participants in the participant count

Does your plan have procedures in place to address participant questions and complaints?