United States

DOL notifications: Missing plan audit reports


The U.S. Department of Labor (DOL) recently issued 1,200 email notifications to employee benefit plan sponsors/administrators whose 2014 Form 5500 filings did not properly attach the independent auditor’s report. The notifications encourage plan sponsors/administrators to submit a completed financial statement audit report and to file an amended 2014 Form 5500 as soon as possible. Receipt of such a notification does not require a response from the plan sponsor/administrator, except in the event that the notice was delivered to the wrong person. (In that case, the person receiving the notice is requested to respond within five business days and provide the contact information for the correct person.)

The notifications are not considered enforcement correspondence, but rather are courtesy reminders that the filing is incomplete and therefore do not start the running of the statutory 45-day correction period. However, plans that do not take prompt corrective action risk receiving a formal Notice of Rejection letter from the DOL, which will indicate that the 45-day statutory correction period has begun.