Labor Department Hosts Free Workshop to Help Michigan Employers Understand and Meet Private Sector Employee Benefits Law

Archived News Release — Caution: Information may be out of date.

Troy, Michigan - The U.S. Department of Labor will hold a free workshop in Troy, Michigan to help employers and administrators of pension and health plans comply with the Employee Retirement Income Security Act (ERISA), the federal law that governs private-sector employee benefit plans. The workshop will be held August 9 at the Holiday Inn Troy, 2537 Rochester Court.

The half-day session, sponsored by the Labor Department’s Employee Benefits Security Administration (EBSA), will offer comprehensive information and one-on-one assistance about the Voluntary Fiduciary Correction Program (VFCP). The program encourages plan administrators to comply with the federal law covering retirement plans, such as 401(k) plans, and health plans.

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.

Joseph Menez, EBSA regional director in Cincinnati, said, “This voluntary program is an effective component of the agency’s overall efforts to make sure that pension benefits are protected and available to employees when they need them. By helping plan administrators resolve issues, both employers and employees win.”

The workshop, to take place from 9 a.m. to 12 noon, will consist of a brief overview of the VFCP, a question and answer session and one-on-one program assistance. It is open to employers, accountants, plan fiduciaries, third party administrators, attorneys, and anyone with concerns about their responsibility administering plans.

Registration is on a first-come, first-served basis so individuals should RSVP via e-mail to vfcp-cinn@dol.gov or fax to 859.578.4688. For more information on the VFCP and the workshop, contact Matthew Harger in EBSA’s Cincinnati regional office at 859.578.4680.

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: David James/Rita Ford
Phone Number: 202.693.4676/202.693.8671