Many businesses put a lot of time and effort into initially setting up company retirement plans. Unfortunately, they do not regularly revisit the plans to ensure they are staying in compliance with Employee Retirement Income Security Act and federal regulations, or do not take into account governmental policy changes.
Investigations into employee benefit plans are conducted by the Employee Benefits Security Administration. It is not uncommon for many companies to end up under investigation by EBSA at some point in time. The good news is that, in many cases, the DOL's Voluntary Fiduciary Correction Program can be utilized to comply with ERISA regulations and avoid costly penalties.
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