Fred Barstein • 8/28/13

Among those advisors lucky enough to have been through a DOL audit, most wish that their clients had been better prepared, with all requested documents and materials gathered ahead of time. In the wake of the 408(b)(2) rules, the DOL’s Philadelphia region recently updated the list of documents that they typically request during an audit. (We posted about this last month, here.) The list is lengthy and although the DOL will typically work with the plan sponsor if additional time is needed to produce the documentation, it’s certainly better to have it ready, which is good practice anyway.

The DOL’s request list includes:
Plan documents and trust agreements with amendments
Summary Plan Description
Insurance, including fiduciary liability
Internal income statements and balance sheets
IRS determination letters
Applicable committee meeting minutes regarding:
• Plan activities
• Service provider selection
• Investment selection
RFPs and responses
Financial records
Service provider contracts
5500 Forms with audited financials
Extensive requests for documents regarding fees and costs (direct and indirect)
List of fiduciaries with dates of service
ERISA compliance documents
Board of Directors
Benefits received by the plan sponsor as a result of service provider selection

The IRS also released a chart detailing the examination process.