The Department of Labor has released findings from a review of auditors of employer-sponsored retirement plans, and the news isn’t good.
The Employee Benefits Security Administration’s study “reveals serious issues with the current system,” according to a release from the Department.
Of the 7,300 CPAs that audit more than 81,000 benefit plans, the EBSA found that 39 percent of audits contained “major deficiencies,” putting $653 billion and 22.5 million plan participants at risk, according to the report.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
