Los Angeles partner Bruce Ashton was quoted in an Investment News article, titled, “Don’t Panic if the DOL shows up; Here is what could put plan sponsors at risk for scrutiny during an audit.” The article discussed how the DOL has been on a roll in regards to its investigative activities.
At the National Association of Plan Advisors 401(k) Summit in March, a panel of legal practitioners provided advisors with pointers on getting clients through the Labor Department’s audits. As a panelist, Bruce posted a list of common risk factors that will get the DOL’s attention.
“If there is an investigation, consult with someone who’s been through it before and knows what to do,” he said.
Bruce also noted that “although plan sponsors should be prompt when responding to the Labor Department, they should make sure they have the time to review all the information that they are providing to the agency before they share it.”
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