Labor Department Sponsors Sacramento Workshops on Federal Pension Law

Archived News Release — Caution: Information may be out of date.

San Francisco, California - The U.S. Department of Labor will hold free workshops May 16 to help employers and pension plan administrators better comply with federal pension law. The workshops will be held at the Sacramento Federal Building, 2800 Cottage Way.

The half-day workshops, sponsored by the Labor Department’s Employee Benefits Security Administration (EBSA), will offer comprehensive information and individual help regarding the Voluntary Fiduciary Correction Program (VFCP). Revisions to the VFCP, finalized on April 19, 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 self-correct plan activities that might otherwise subject them to investigative or enforcement action. Participants must fully correct eligible 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, in some cases, from Internal Revenue Service excise taxes that may otherwise be imposed. Additional information regarding VFCP is available on the EBSA Web page: www.dol.gov/ebsa.

“This voluntary program is an effective component of our overall efforts to ensure that pension benefits are protected and available to employees when they need them," said Francis Clisham, regional director of EBSA in San Francisco. “By assisting plan fiduciaries in resolving issues, we are helping both the employers and the employees.”

EBSA’s morning workshop session begins at 9:30 a.m. and the afternoon session at 1:30 p.m. Both sessions will be held in rooms C1001-C1002, Sacramento Federal Building, 2800 Cottage Way. EBSA staff will be on hand during the day to provide one-on-one program assistance and guidance on the application process. The workshop is open to employers, accountants, plan fiduciaries, third party administrators, attorneys, and anyone else with concerns about their responsibilities administering pension plans.

To R.S.V.P. for the workshop or obtain more information about the VFCP, please contact David Matheney at 415.975.4590, Ext. 112, or the San Francisco regional office at 415.975.4600.

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: Roger Gayman
Phone Number: 415.975.4742