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!
Justin Futrell, Benefit Advisor
email@example.com or 319-739-1317
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 or are looking to start a business of your own, please call TrueNorth. Our Employee Benefits division would be happy to assist you in providing the well-being of both you and your staff. Call us today at 1-800-798-4080.
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