The Department of Labor’s Employee Benefits Security Administration (EBSA) protects the assets of employee benefit plans, including retirement plans, under Title I of ERISA. EBSA has two voluntary self-correction programs for plan administrators who need help in meeting ERISA requirements:
1. The Delinquent Filer Voluntary Compliance Program (DFVCP) assists those whom file the Form 5500 late or who failed to file it. Participation is a two-part process. For more information, including a calculator to help you accurately determine the penalty payment needed to participate in the DFVCP and the convenient option of paying the penalty electronically, visit http://www.dol.gov/ebsa and click on “Correction Programs.” To view the Form 5500, visit https://www.efast.dol.gov/welcome.html. To speak with a DOL representative, call EBSA’s Office of the Chief Accountant at 202-693-8360 (not a toll-free number).
2. The Voluntary Fiduciary Correction Program (VFCP) affords plan sponsors and officials the chance to identify and fully correct certain transactions such as prohibited purchases, sales and exchanges, improper loans, delinquent participant contributions and improper plan expenses. The VFCP includes 19 specific transactions.
The VFCP also provides immediate relief from payment of excise taxes under a class exemption which covers six transactions. Violations can be fully and correctly resolved in four easy steps. For a list of violations and corrective actions, and the addresses of EBSA Regional Offices that can help with applications, visit http://www.dol.gov/ebsa and click on “Correction Programs.” There are a number of tools online to assist applicants in using the Program, including an online calculator, model application, and checklist.
- Log in to post comments