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Release Date: June 21, 2006
Release Number: 06-1023-SAN (SF-66)
Contact Name: Roger Gayman
Phone Number: 415.975.4742
San Francisco, California - The U.S.
Department of Labor will hold a free workshop here August 1 to help
employers and health and pension plan fiduciaries better comply with the
Employee Retirement Income Security Act, the federal law governing
private employer pension and health benefit plans. The workshop will be
at the Arizona Small Business Association Conference Center, 4811 E.
Grant Road, Suite 261 (second floor).
The half-day workshop, 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). The program is designed to
encourage plan fiduciaries to comply with the federal law covering
privately sponsored pension and health plans.
The VFCP provides plan fiduciaries with an
opportunity to identify and self-correct certain types of violations
covered by the program. Participants 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.
“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 Billy Beaver,
regional director pf EBSA in Los Angeles. "By assisting plan
fiduciaries to resolve issues, we are helping both the employers and the
employees."
The workshop will begin at 9:30 a.m. with a brief
overview of the program. EBSA staff will be on hand until noon to answer
questions and provide one-on-one program assistance. The workshop is
open to employers, accountants, plan fiduciaries, third party
administrators, attorneys and anyone else with concerns about their
responsibilities administering pension plans.
For more information on the VFCP and the workshop,
please contact EBSA's Los Angeles regional office VFCP coordinator, Ann
Gutierrez, at 626.229.1008 or send an e-mail to 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 202.693.7765 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.
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