How to Reduce the Risk of Government Audits of Health and Welfare Plans
1 hour 30 minutes
Understand the common triggers which cause an audit of a health and welfare plan and how best to avoid them.
The most feared piece of mail for the administrator of a welfare plan is the notice of a government audit. Considering that regulators may impose fines and penalties upon the plan as well as assess civil penalties against plan fiduciaries, it is understandable why a government audit is not a welcomed event. This topic will discuss the most common triggers of an audit and provide concrete suggestions regarding how to minimize the risks of triggering an audit and how to minimize the risk of the audit.
• You will be able to identify when a participant puts you at risk for an audit.
• You will be able to describe the ways to mitigate the chances of being audit.
• You will be able to explain what the regulators will look for in an audit so that it can be corrected prior to the audit.
• You will be able to discuss the common triggers which cause an audit of a health and welfare plan.