Does it Make Sense to Outsource Compliance
IT'S HARD TO GET EXCITED ABOUT COMPLIANCE.
In 2019, the U.S. Department of Labor ("DOL") identified $650 billion in compliance risk for employers.
Most organizations can't afford to house that type of expertise and risk. However, the benefit-cost analysis of outsourcing is generally favorable.
One of the primary targets of the DOL is companies that have more than 100 employees. The DOL targets inconsistencies in Form 5500 filings. The 5500 is just one of MANY pieces of compliance that are required. Even with less than 100 employees, you have required documents that need to be in place.
Are you worried you've made mistakes in the past?
When partnering with third-party compliance specialists such as Benefits Compliance Consultants (BC2), a complete evaluation is conducted of prior filings to ensure all items are in compliance. In the event the DOL comes knowing on your door, a compliance specialist can house all the compliance services and solutions, making it easy for you to respond to the DOL audit. A compliance specialist will also have the ERISA alliance to make sure you have the additional support you need to survive an audit.
This type of comprehensive review makes organizations feel prepared for a DOL audit. TrueNorth has found great value in identifying Strategic Partners such as BC2, and we have helped many companies see the value in outsourcing their compliance risk.
Outsourcing is by far the most popular solution for handling compliance. We suggest you partner with an expert and do your best to know the rules at a bare minimum.
Are you ready for a complimentary compliance review? Reach out to us today!
We live in an era where organizations of all sizes are expected to do more with less. Business owners and decision-makers face the daunting talk of balancing financial goals and aspirations against the cost of supporting a healthy and productive workforce.
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This publication has been prepared by TrueNorth Companies, L.C. and is intended for informational purposes only. Transmission of this publication is not intended to create, and receipt does not constitute, a client relationship with TrueNorth Companies, L.C. This publication does not constitute any type of representation or warranty, and does not constitute, and should not be relied upon as, legal advice. This publication is not a contract and does not amend, modify or change any insurance policy you may have with an insurance carrier. © 2021 TrueNorth Companies, L.C. All rights reserved.
TrueNorth offers businesses of every size comprehensive solutions to meet their business needs and those of their employees. If you are in need of business solutions and are looking for ways to protect and maximize your workforce, look to TrueNorth. Our Employee Benefits Division can assist you in providing for the well-being of both you and your staff. Call us today at 1-800-798-4080.
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