U.S. Labor Department Sponsors Seminars To Help Plan Professionals Comply With Federal Pension Law

Archived News Release — Caution: Information may be out of date.

Washington, DC - The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) regional office in Philadelphia will hold a seminar May 18 to assist employers, pension plan administrators and other benefit professionals comply with federal employee benefits law. The seminar will run from 9 a.m. to 11 a.m. and again from 1:30 p.m. to 3:30 p.m. at the NOAA Science Center, 1301 East West Highway in Silver Spring, Maryland.

The one-day seminar will offer comprehensive information and one-on-one help on using the Voluntary Fiduciary Correction Program (VFCP) to self-correct potential 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 action by the department.

Revisions to the VFCP, finalized on April 19, 2006, expanded and simplified the program, which is designed to encourage pension plan managers and officials to comply with federal pension law.

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

Both the morning and afternoon seminars offer a brief overview of the program, including recent changes. EBSA staff also will provide one-on-one program assistance and guidance on the application process. The seminars are 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 May 12 to ensure space availability. For more information on the VFCP and the seminars, please contact Dennis Bond of the EBSA Washington District Office by phone at 301.713.2000, fax at 301.713.2008, or e-mail to vfcp-wdo@dol.gov.

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.

Contact Name: Gloria Della/Peter Hong
Phone Number: 202.693.8664/202.693.4676