Retirement Plan Audits: Avoid Unwelcome Federal Scrutiny

ARTICLE | April 04, 2025

Ensuring your organization’s retirement plan meets all regulatory requirements has never been more important. With both the Internal Revenue Service (IRS) and the Department of Labor (DOL) keeping a close eye on plan operations, a proactive audit is one of the best ways to stay ahead of potential issues. Rather than waiting for a federal examination to reveal surprises, conducting a thorough internal review can safeguard plan integrity, reduce risk to the company, and protect participant interests. By identifying potential shortcomings early and correcting them in a strategic manner, you can avoid unwelcome regulatory scrutiny and associated penalties.

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By identifying and correcting issues before federal agencies come knocking, you not only protect the plan’s participants, but also shield your organization from potentially severe penalties and reputational harm. A well-executed self-audit can verify everything from timely deferral deposits, to participant disclosures, to proper worker classifications, ensuring your plan meets all regulatory expectations.

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