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Compliance May 20, 2011
EBSA Announces VFCP Workshop
May 20, 2011 (PLANSPONSOR.com) - The U.S. Department of Labor's Employee Benefits Security Administration is hosting a workshop on how to correct certain fiduciary violations under the Employee Retirement Income Security Act (ERISA).
Reported by Rebecca Moore
The free, online workshop will be held on May 24, 2011, from 10 a.m. – 12:30 p.m. EDT for employee benefit plan sponsors, officials, parties-in-interest and service providers. The Webcast will offer comprehensive information and individual help regarding the department’s Voluntary Fiduciary Correction Program (VFCP), which provides an opportunity to identify and self-correct plan activities that might otherwise result in investigative or enforcement action. EBSA staff will provide guidance on the application process.
The EBSA said those who do choose to participate in VFCP must fully correct eligible transactions, calculate any losses, restore those losses with interest or profits, and distribute any supplemental benefits owed to eligible participants and beneficiaries. The program offers relief from Labor Department penalties and, in some cases, from Internal Revenue Service excise taxes that may otherwise be imposed.
For more information and to register for the workshop, visit http://www.dol.gov/ebsa/pdf/vfcp052411.pdf.