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Release Date: August 29, 2006
Release Number: 06-1518-NEW
Contact Name: David James/Gloria Della
Phone Number: 202.693.4676/202.693.8666
New York, New York - The U.S. Department of
Labor’s Employee Benefits Security Administration (EBSA) in New York
City will hold a free seminar to assist employers, pension plan
administrators and other benefit professionals comply with federal
employee benefits law. The seminar will take place September 29, 2006 at
the Broad Financial Center, 33 Whitehall Street, 11th Floor
Conference Room.
The seminar will offer comprehensive information and
one-on-one help on how to utilize the Voluntary Fiduciary Correction
Program (VFCP) to self-correct violations of the Employee Retirement
Income Security Act (ERISA). The program is designed to make it easier
for benefit managers and professionals to comply with ERISA and avoid
enforcement action by the Department of Labor.
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 action. 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 that may otherwise
be imposed. Information about the VFCP is available at www.dol.gov/ebsa.
The seminar will take place from 10:00am to noon and
offers an overview of the program. EBSA staff also will provide
one-on-one program assistance and guidance on the application process.
The seminar is free and open to employers, accountants, plan
fiduciaries, third party administrators, attorneys, and anyone with
concerns about their responsibilities in administering employee benefit
plans.
Registration is on a first-come-first served basis,
and early registration is advised. For information and to register,
please contact Richard Stecher, of the EBSA New York office, by phone at
212.607.8645, by fax at 212.607.8681, or by e-mail to stecher.richard@dol.gov.
What: |
Free Seminar on Voluntary Fiduciary Correction
Compliance Program |
When: |
September 29, 2006
10 a.m. - Noon |
Where: |
Broad Financial Center
33 Whitehall Street, New York City
11th Floor Conference Room |
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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