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Department Of Labor Expands Audit And Enforcement Focus, Imposing $1.27 Billion In Fines

Stocks in this article: ADP

ROSELAND, N.J., Nov. 4, 2013 /PRNewswire/ --   ADP®, a leading global provider of Human Capital Management (HCM) solutions, advises retirement plan sponsors to evaluate and continuously monitor their 401(k) plans to ensure they comply with United States Department of Labor regulations in light of expanded auditing and enforcement activities.  

According to the National Association of Plan Advisors, in the 12 months ending Oct. 1, 2012, more than 300 investigations resulting in $1.27 billion in fines were levied by the United States Department of Labor's Employee Benefits Security Administration ( EBSA).  EBSA reports as many as 75 percent of 401(k) plans that it audits are out of compliance. Last year, EBSA's enforcement efforts resulted in more than 3,500 civil investigations.

"Every qualified retirement plan sponsor needs to focus on risk mitigation," said Chris Augelli, vice president of product marketing and business development for ADP Retirement Services.  "ADP can help plan sponsors reduce the inherent risks associated with plan administration by providing continuous synchronization of data between ADP's payroll and retirement plan recordkeeping systems.  SMARTSync SM, ADP's intelligent integration and analytics feature, helps to improve compliance by automatically reconciling plan data between systems, eliminating manual entry and oversight, as well as automating plan money movement and investment of participant contributions," Augelli added.

ADP Retirement Services' SMARTSync 401(k) integration solution helps clients streamline plan administrative tasks and reduce their exposure to compliance-related fines.  Given the complex nature of maintaining retirement plans, including processing contributions on a timely basis, updating salary deferral rates, and overseeing employee loans, administrators can inadvertently overlook details that can easily lead to noncompliance and penalties for their 401(k) plan when systems are not fully aligned with company data.

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