U.S. Labor Department Sponsors New York Seminar On Compliance With Federal Employee Benefits Law

Archived News Release — Caution: Information may be out of date.

New York, New York - The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) in New York City will hold a seminar to assist employers, pension plan administrators and other benefit professionals comply with federal employee benefits law. The seminar will be held January 13, 2006, at the Broad Financial Center, 33 Whitehall Street, 11th Floor Conference Room.

The seminar will offer comprehensive information and one-on-one help on how to utilize the Voluntary Fiduciary Correction Program (VFCP) to self-correct violations of the Employee Retirement Income Security Act (ERISA). The program is designed to make it easier for benefit managers and professionals to comply with ERISA and avoid enforcement actions by the department.

The VFCP provides plan fiduciaries and others with an opportunity to identify and correct plan activities that might otherwise make them the subject of investigative or enforcement actions. Applicants under the program must fully correct any prohibited transactions, calculate any losses and restore those losses with interest or profits, and distribute supplemental benefits owed to eligible participants and beneficiaries. The program also offers relief from Labor Department penalties and Internal Revenue Service excise taxes. Information about the VFCP is available at www.dol.gov/ebsa/.

The seminar will take place from 10 a.m. to Noon and offers an overview of the program. EBSA staff also will provide one-on-one program assistance and guidance on the application process. The seminar is free and open to employers, accountants, plan fiduciaries, third party administrators, attorneys and anyone with concerns about their responsibilities in administering employee benefit plans.

Registration is on a first-come, first served basis so individuals should register by January 6, 2006, to ensure space availability. To register and obtain more information, contact Richard Stecher of EBSA’s New York office by phone at 212.607.8645, by fax at 212.607.8681, or by e-mail to stecher.richard@dol.gov.

What: Seminar on Voluntary Fiduciary Correction Compliance Program

When: January 13, 2006
10 a.m. - Noon

Where: Broad Financial Center
33 Whitehall Street, New York City
11th Floor Conference Room

U.S. Department of Labor news releases are accessible on the Department's Newsroom page. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the COAST office. Please specify which news release when placing your request at 202.693.7765 or TTY 202.693.7755. The U.S. Department of Labor is committed to providing America's employers and employees with easy access to understandable information on how to comply with its laws and regulations. For more information, please visit the Department's Compliance Assistance page.

Archived News Release — Caution: Information may be out of date.