|
Archived News Release — Caution: Information may be out of date.
|
|
|
Release Date: 10/07/2004
Release Number: 04-1974-BOS
Contact Name: John M. Chavez
Phone Number: 617.565-2075
|
Printer Friendly
Version
|
|
|
|
Boston, Massachusetts - The U.S. Department of
Labor’s Employee Benefits Security Administration (EBSA) in Boston will
hold its first workshops to assist employers, pension plan administrators
and other benefit professionals comply with federal employee benefits law.
The workshops will be held on October 29, 2004, at The Westin Hotel, 70
Third Ave., Waltham, Massachusetts. |
The
two half-day sessions will offer comprehensive information and one-on-one
help with utilization of the Voluntary Fiduciary Correction Program (VFCP)
to prevent 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
VFCP 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. |
The
first workshop takes place from 9:00 a.m. to 12:00 noon, and will be
offered again from 1:30 p.m. to 4:00 p.m. Each workshop offers a brief
overview of the program, including recent changes. Most importantly, EBSA
staff be on hand to 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. |
Information
about the VFCP is available on EBSA’s Web site at www.dol.gov/ebsa.
Registration is on a first-come, first serve basis so individuals should
register by October 15, 2004 to ensure space availability. For more
information on the VFCP and the seminar, please contact Jessica Paris of
the EBSA Boston office by phone at 617.565.9654, by fax at 617.565.9666,
or e-mail to vfcp-bosro@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.
| |
|
