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Beth Allen: DOL Investigators are People Too
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Beth Allen has made a career of advising employers and benefits professionals on the legal obligations imposed by federal and state benefits-related laws. She has a knack for taking complicated compliance concepts and effectively explaining them to plan sponsors, HR leaders, and company executives alike.
In this episode, Eric and Beth Allen discuss:
- The primary aim of DOL investigations
- The advantage of honesty and a cooperative attitude
- IPS and fiduciary training benefits
- Being a proactive fiduciary
Key Takeaways:
- Voluntary compliance is the primary aim of DOL investigations, not penalty enforcement.
- Honest and cooperative attitudes from plan administrators can significantly influence investigation outcomes.
- While not mandatory, an Investment Policy Statement (IPS) and fiduciary training greatly benefit plan compliance and decision-making.
- Proactive measures like proper documentation, voluntary corrections, and understanding the DOL's audit process are critical for benefit plan management.
“Employers - look at the DOL and even, let's say IRS auditors as some sort of boogeyman. The DOL in the real world, they are people who are required to enforce ERISA as the law. But the good thing about the DOL is that they generally are going to want voluntary compliance.” - Beth Allen
Connect with Beth Allen:
Website: https://alleneblaw.com/
LinkedIn: https://www.linkedin.com/company/allen-benefits-law/
Connect with Eric Dyson:
Website: https://90northllc.com/
Phone: 940-248-4800
Email: contact@90northllc.com
LinkedIn: https://www.linkedin.com/in/401kguy/
The information contained herein is general in nature and is provided solely for educational and informational purposes.
It is not intended to provide a specific recommendation of any type of product or service discussed in this presentation or to provide any warranties, financial advice or legal advice.
The specific facts and circumstance of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan specific circumstances.
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