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Compliance August 22, 2011
EBSA to Host VFCP Webcast
August 22, 2011 (PLANSPONSOR.com) - The U.S. Department of Labor’s Employee Benefits Security Administration will host a Webcast on August 24 to inform plan sponsors and service providers about the EBSA enforcement program, and how to prepare for a possible investigation.
Reported by Rebecca Moore
The Webcast will run from 2 p.m. to 3:30 p.m. EDT, and will highlight EBSA’s Voluntary Fiduciary Correction Program, which encourages plan sponsors and service providers to self-correct violations of the Employee Retirement Income Security Act (ERISA).
An EBSA news announcement notes that VFCP allows plan officials 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 and their acceptable means of correction, eligibility requirements, and application procedures. If an eligible party documents the acceptable correction of a specified transaction and satisfies the terms of the program, EBSA will issue a no action letter.
Those interested in taking part in the text only Webcast can register at http://event.on24.com/r.htm?e=344713&s=1&k=8EE51BAE433EA4D7832EBF64F8555ECE.