"The U.S. Department of Labor encourages the use of voluntary self-audit programs to help employers identify and correct workplace compliance issues, reducing risks of penalties."
"The Voluntary Fiduciary Correction Program allows plan sponsors to self-audit and correct ERISA violations, helping avoid enforcement actions and costly fines."
"The Delinquent Filer Voluntary Compliance Program protects employers from fines associated with late filings of necessary retirement plan documents, promoting timely compliance."
"Employers can engage in self-auditing to proactively manage compliance and avoid regulatory penalties, while enhancing respectful workplace practices."
The U.S. Department of Labor encourages businesses to engage in voluntary self-audit programs to help identify and correct compliance issues. These programs, such as the Voluntary Fiduciary Correction Program and the Delinquent Filer Voluntary Compliance Program, enable businesses to address violations, avoid enforcement actions, and mitigate risks of fines and lawsuits. Organizations are urged to utilize these tools proactively to ensure adherence to regulations, particularly those associated with retirement plans, including timely documentation filing and investment performance management.
#workplace-compliance #self-audit-programs #employee-retirement-plans #voluntary-programs #regulatory-compliance
Read at Entrepreneur
Unable to calculate read time
Collection
[
|
...
]