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At a recent International Foundation of Employee Benefit Plans (IFEBP) conference in San Francisco, the Department of Labor reiterated its intent to actively seek out health and welfare plans across the country for audit, according to Jasmine Baker and Todd Stokes, senior managers with the Lindquist accounting firm. Employers and their advisers should review plans for compliance, they say, paying close attention to these areas flagged by the DOL as points of interest.
Form 5500 filings
As its first order of business, the DOL says it is identifying health plans that may be delinquent in their Form 5500 filings. Knowing that generally, when there is a pension plan, there is also a related health and welfare plan, the DOL is seeking out families of funds to detect filing delinquencies, Baker and Stokes say.