U.S. Labor Department to sponsor free workshops in Boise, Idaho, on complying with federal pension law

San Francisco – The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) will hold two free half-day workshops in Boise, Idaho, on Wednesday, Feb. 17, to help employers and plan administrators of pension and health plans better understand and comply with the Employee Retirement Income Security Act.

The workshops will be held at the James A. McClure Federal Building/U.S. Courthouse located at 550 West Fort St., Room 311. They will begin at 10 a.m. and 2 p.m. MST.

The sessions will provide comprehensive information about the department's Voluntary Fiduciary Correction Program (VFCP). The program is designed to provide employers and plan administrators with an opportunity to identify and self-correct plan activities that might otherwise incur investigative or enforcement action. Following an opening presentation, EBSA staff will answer individual questions about and provide guidance on applying for participation in this program.

"The VFCP is an effective strategy to protect the pension benefits of America's workers," said Billy Beaver, director of the agency's San Francisco Regional Office. "Through this voluntary program, EBSA helps employers resolve issues related to employee benefit plans that they sponsor and can help to protect employee benefits."

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.

Seating for the workshops is limited and pre-registration is recommended. To register, visit http://www.dol.gov/ebsa, look for Boise events under "Compliance Workshops and Webcasts" and follow instructions. For more information, the public should contact Audrey W. Chan by telephone at 415.625.2445.

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 (large print, Braille, audio tape or disc) from the COAST office upon request. Please specify which news release when placing your request at 202.693.7828 or TTY 202.693.7755. The Labor Department 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.