Monday, July 14, 2014

Dept. of Labor Audits of U.S Business Seen as More Aggressive Than Ever

  • In a recently released executive employer survey, 56% of responding employers say they’re troubled by “rulemaking and aggressive enforcement from federal agencies.” 
  • 53% of respondents fear that “whistleblowers” are increasingly inclined to report compliance issues to federal regulators and as such, 56% have developed “stronger internal compliance programs." 
  • 41% of responding employers say health care reform is the regulatory issue expected to most impact the workplace over the next year.
  • 58% said they have engaged employee benefits attorneys or consultants to help track changing deadlines and upcoming compliance obligations. 
  • 15,000 auditors have been hired by the DOL in the last year to get the nearly 75% of employer-sponsored plans that are subject to another compliance issue, ERISA - where penalties amount to as much as $1,000 per day.