Archived News Release Caution: Information may be out of date.
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Release Date: 08/30/2004
Release Number: 04-1707-PHI
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Philadelphia, Pennsylvania - The U.S. Department
of Labor’s Employee Benefits Security Administration (EBSA) in
Philadelphia will hold its first seminars to assist employers, pension
plan administrators and other benefit professionals comply with federal
employee benefits law. The seminar will be held on September 20, 2004, at
The Curtis Center, Suite 690 West (DOL Conference Center), in
Philadelphia. |
The
one-day seminar will offer comprehensive information and one-on-one help
on how to utilize the Voluntary Fiduciary Correction Program (VFCP) to
self-correct potential 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. |
The
VFC Program provides plan fiduciaries 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 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 may otherwise be imposed. Information
about the VFC Program is available on EBSA’s Web site at www.dol.gov/ebsa. |
The
first seminar takes place from 9:00 a.m. to 11:30 a.m. and will be offered
again from 1:00 p.m. to 3:30 p.m. Each seminar offers a brief overview of
the program, including recent changes. EBSA staff also will provide
one-on-one program assistance and guidance on the application process. The
seminar is 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 serve basis so individuals should register by
September 15, 2004 to ensure space availability. For more information on
the VFC Program and the seminar, please contact Gerald Weslosky of the
EBSA Philadelphia office by phone at 215.861.5318 by fax at 215.861.5347,
or e-mail to vfcp-phiro@dol.gov. |
U.S.
Labor Department news releases are accessible on the Internet at
www.dol.gov. 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
www.dol.gov/compliance. |
Archived News Release Caution: Information may be out of date.
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