Share

Is Your Apprenticeship Fund Prepared for a DOL Audit?
December 8, 2011

Recent audits of apprenticeship funds conducted by the Employee Benefits Security Administration of the Department of Labor (DOL) have uncovered violations, including prohibited transactions.  In a presentation* to the International Foundation of Employee Benefit Plans (IFEBP), Assistant Secretary of Labor Phyllis Borzi reported that the DOL has more than 80 cases in the pipeline dealing with apprenticeship and training funds.  (See video clip.)  DOL representatives have indicated that they are ramping up for additional audits of these funds.

Is your apprenticeship fund ready for an investigation?  Do you have all your policies and procedures in place? 

In 2012, Lindquist LLP will publish a series of articles to help you: 
  • Identify DOL hot buttons,
  • Stay on top of the latest legal and fiduciary issues facing apprenticeship funds, and
  • Assess your operations, internal controls and compliance with DOL and IRS regulations in preparation for a potential investigation.  

Until then, check out the IFEBP’s page of apprenticeship resources and consider attending the Trustees Institute for Jointly Managed Training & Education Funds in January.

 

*IFEBP Washington Legislative Update, May 2011
 

  Adobe Acrobat icon Download this article

Our firm provides the information in this e-newsletter for general guidance only.  It does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.