U.S. Labor Department sponsors free workshop in Pasadena, California, on complying with federal pension law

Archived News Release — Caution: Information may be out of date.

San Francisco - The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will hold a free, half-day workshop May 24, 9:30 a.m. to noon PDT, in Pasadena, California, to help employers, pension plan administrators, accountants, plan fiduciaries, attorneys and others better comply with federal pension law. The location will be the Pasadena Convention Center, 300 East Green Street.

The workshop will offer comprehensive information and individual help regarding the department’s recently revised Voluntary Fiduciary Correction Program (VFCP), which provides an opportunity to identify and self-correct plan activities that might otherwise incur investigative or enforcement action. EBSA staff will provide guidance on the application process, among other topics.

“The VFCP is an effective strategy in protecting the pension benefits of America’s workers,” said Billy Beaver, director of the agency’s Los Angeles Regional Office. “Through this voluntary program, EBSA helps both employers and employees to resolve issues before problems occur.”

VFCP participants must fully correct eligible transactions, calculate any losses, 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 the VFCP is available on EBSA’s Web page at www.dol.gov/ebsa.

Anyone with concerns about responsibilities administering pension plans may attend this workshop. To sign up or obtain additional information, contact Wendy Morgan at 626.229.1032, EBSA’s Los Angeles Regional Office at 626.229.1000 or VFCP-LARO@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 202.693.7828 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.