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Release Date: April 8, 2009
Release Number: 09-375-DEN
Contact Name: Rich Lulczewski
Phone Number: 303.844.1302
Salt Lake City – The U.S. Department of
Labor’s Employee Benefits and Security Administration (EBSA) will hold
free, half-day workshops in Salt Lake City on April 14 to help
employers, the employee benefit community and others better understand
and comply with federal pension law. The workshops will be held at the
Wallace F. Bennett Federal Building, 125 South State St., Room 2404 at
10 a.m. and 2 p.m. (MDT).
The workshops will offer comprehensive information
and individual help regarding the department’s Voluntary Fiduciary
Correction Program (VFCP), which provides an opportunity to identify and
self-correct plan activities that might otherwise incur investigative or
enforcement action. EBSA staff will be on hand to provide one-on-one
program assistance and guidance on the application process.
“The VFCP is an effective strategy in protecting
the pension benefits of America’s workers,” said Billy Beaver,
director of EBSA’s regional office in San Francisco. “Through this
voluntary program, EBSA helps employers resolve issues related to
employee benefit plans that they sponsor.”
VFCP participants must fully correct eligible
transactions, calculate any losses, 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, in some cases, from Internal Revenue
Service excise taxes that may otherwise be imposed. Additional
information regarding the VFCP is available on EBSA’s Web page at
www.dol.gov/ebsa.
Availability is limited and pre-registration is
recommended. Registration forms for the event can be downloaded at
www.dol.gov/ebsa and faxed to EBSA. Look for Salt Lake City events under
“Compliance Workshops, Seminars and Webcasts.” Alternatively,
interested individuals may contact Audrey W. Chan at 415.625.2445 or
e-mail EBSA at VFCP-SFRO@dol.gov. For more information on the program
and the workshops, they should contact EBSA’s San Francisco Regional
Office at 415.625.2481.
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 (large print, Braille, audio tape or
disc) from the COAST office upon request. Please specify which news release when
placing your request at 202.693.7828 or TTY 202.693.7755. The Labor Department 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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