Atlanta, Georgia - The U.S. Department of Labor
will hold free workshops 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
workshops will be held August 3 at the Hilton Greater Cincinnati Airport
Hotel, 7373 Turfway Road in Florence.
Two half-day workshops, sponsored by the Labor
Department’s Employee Benefits Security Administration (EBSA), will
offer comprehensive information and one-on-one help with the Voluntary
Fiduciary Correction Program (VFCP). The program encourages plan
administrators to comply with federal laws that cover health and pension
benefits, such as 401(k) plans.
The VFCP provides plan fiduciaries with an opportunity
to identify and correct certain types of violations. Applicants must fully
correct the violations, 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 might otherwise be imposed.
Joseph Menez, director of EBSA’s Cincinnati regional
office, said the 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 the employees win,”
said Menez.
The workshops, beginning at 9 a.m. and 1:30 p.m.,
consist of a brief overview of the VFCP, a question and answer session and
one-on-one program assistance. The workshops are open to employers,
accountants, plan fiduciaries, third party administrators, attorneys and
anyone with concerns about plan administration.
Due to limited seating, participants should R.S.V.P.
via email to vfcp-cinro@dol.gov or fax to 859.578.4688. For more
information on the VFCP and the workshops, contact Matthew Harger of EBSA’s
Cincinnati regional office at 859.578.4680. |