Los Angeles counsel Heather Abrigo was featured in a Q&A for 401(k) Advisor regarding the current state of DOL service provider investigations. Heather answered questions regarding why the DOL has been focusing on service providers and what’s prompting these investigations, what the DOL is looking for, what a service provider should do to prepare and possible problems a service provider might encounter, among others.
Heather advises service providers to be organized, get competent assistance and designate someone to lead the investigation, remember that resolving doesn’t always mean settling, and check with your E&O carrier to ensure there aren’t any notification requirements.
Finally, Heather states, “do not get overwhelmed. If you are starting to get overwhelmed that is a sign you need help. Don’t be afraid to reach out to an ERISA attorney to assist with the DOL investigation.”