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Podcast: Casual Friday: Financial Insights
Episode: Navigating 401(k) Plans and Department of Labor Audits - Featuring Expert Marc Fowler
Description: In this episode, we dive into the complexities of 401(k) plans and the audits conducted by the Department of Labor (DOL). The Employee Benefits Security Administration (EBSA) is the group responsible for investigating and auditing 401(k) plans, which can be a significant challenge for plan sponsors.Key insights discussed:EBSA’s investigations recovered an average of $573.5 million annually from FY2019-FY2023, with more than 65% of cases resulting in corrective action.This marks a significant increase from prior years, reflecting the growing impact of these investigations.Join Brian, Ryan, and expert Marc Fowler from 401k provider Hu...