Score ERISA audit readiness across 40 documentation categories including SPDs, Form 5500s, fiduciary meeting minutes, vendor contracts, and prudent process evidence
Your plan received a DOL audit notice. You have 30 days to produce documentation. Your broker says "we're compliant." Then you discover: 3 years of fiduciary meeting minutes missing, vendor fee disclosures incomplete, SPD amendments not distributed, no prudent process documentation for the PBM selection. DOL finds violations across 8 ERISA provisions. Final penalty: $4.7M plus mandatory corrective action.
Our Audit Readiness Scoring Engine evaluates documentation completeness across 40 ERISA requirement categories (plan documents, SPDs, Form 5500s, fee disclosures, fiduciary minutes, vendor contracts, investment policy statements, claims procedures, participant notices, prudent process evidence), scores each 0-100, identifies gaps, and generates corrective action roadmaps.
Audit Readiness Scoring Algorithm// 40-point ERISA documentation audit DOCUMENTATION_CATEGORIES = [ plan_documents, spd_amendments, form_5500_filings, fee_disclosures, fiduciary_minutes, vendor_contracts, ips_updates, claims_procedures, participant_notices, prudent_process_evidence ] FOR each category IN DOCUMENTATION_CATEGORIES: // Plan Documents (5 requirements) IF category == plan_documents: CHECK: - Current plan document signed? (20 pts) - All amendments incorporated? (20 pts) - Consistent with actual operations? (20 pts) - IRS determination letter current? (20 pts) - Restatement cycle compliant? (20 pts) // SPD & Participant Communications (6 requirements) IF category == spd_amendments: CHECK: - SPD distributed within 90 days of eligibility? (15 pts) - SMMs distributed within 210 days? (15 pts) - SAR distributed within ERISA deadline? (15 pts) - Distribution log maintained? (15 pts) - Required content elements included? (20 pts) - Plain language readable? (20 pts) // Form 5500 Compliance (4 requirements) IF category == form_5500_filings: CHECK: - Filed by deadline (no extensions)? (25 pts) - All schedules complete? (25 pts) - Actuary certification attached (if required)? (25 pts) - Audit report attached (if large plan)? (25 pts) // Fee Disclosure Section 408(b)(2) (5 requirements) IF category == fee_disclosures: CHECK: - All service providers disclosed? (20 pts) - Direct + indirect compensation listed? (20 pts) - Fiduciary status acknowledged? (20 pts) - Disclosure received within 30 days? (20 pts) - Annual updates obtained? (20 pts) // Fiduciary Governance (6 requirements) IF category == fiduciary_minutes: CHECK: - Quarterly meetings documented? (15 pts) - Attendees/votes recorded? (15 pts) - Investment review minutes maintained? (15 pts) - Vendor selection process documented? (20 pts) - Fee benchmarking evidenced? (15 pts) - Action items tracked? (20 pts) // Calculate readiness score total_score = WEIGHTED_AVERAGE(all categories) audit_readiness = CLASSIFY: IF total_score < 50: "Critical Risk" IF 50-70: "High Risk" IF 70-85: "Moderate Risk" IF 85-95: "Low Risk" IF > 95: "Audit-Ready" // Prioritize remediation FOR each gap: ASSESS: dol_violation_severity time_to_remediate cost_to_fix RANK BY: violation_severity DESC, cost_to_fix ASC OUTPUT: - Overall audit readiness score - Gap analysis by category - Remediation priority roadmap - Estimated time and cost to compliance
Score your audit readiness across 40 ERISA documentation categories. Identify gaps before DOL does. Build a defensible evidence library. Turn audit anxiety into compliance confidence.
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