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In an effort to help employers avoid violations of workplace regulations, the U.S. Department of Labor (DOL) is encouraging the use of several voluntary “self-audit” programs. These tools are designed to help businesses proactively identify and correct compliance issues — often reducing the risk of costly fines, penalties and lawsuits. Here are six key programs every business owner should be aware of:
Voluntary Fiduciary Correction Program (VFCP)
If you have a 401(K) or similar retirement plan in your business you’re likely aware that there are many rules that hold you, as the plan sponsor, liable for not choosing low-cost, diversified investment options