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Release Date: May 3, 2006
Release Number: 06-712-SAN (SF-53)
Contact Name: Roger Gayman
Phone Number: 415.975.4742
San Francisco, California - The U.S.
Department of Labor will hold free workshops May 16 to help employers
and pension plan administrators better comply with federal pension law.
The workshops will be held at the Sacramento Federal Building, 2800
Cottage Way.
The half-day workshops, 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). Revisions to the VFCP,
finalized on April 19, expanded and simplified the program, which is
designed to encourage pension plan managers and officials to comply with
federal pension law.
The VFCP provides plan fiduciaries with an
opportunity to identify and self-correct plan activities that might
otherwise subject them to investigative or enforcement action.
Participants must fully correct eligible 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, in some cases, from Internal Revenue Service excise taxes
that may otherwise be imposed. Additional information regarding VFCP is
available on the EBSA Web page: www.dol.gov/ebsa.
“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 Francis Clisham,
regional director of EBSA in San Francisco. “By assisting plan
fiduciaries in resolving issues, we are helping both the employers and
the employees.”
EBSA’s morning workshop session begins at 9:30 a.m.
and the afternoon session at 1:30 p.m. Both sessions will be held in
rooms C1001-C1002, Sacramento Federal Building, 2800 Cottage Way. EBSA
staff will be on hand during the day to provide one-on-one program
assistance and guidance on the application process. The workshop is open
to employers, accountants, plan fiduciaries, third party administrators,
attorneys, and anyone else with concerns about their responsibilities
administering pension plans.
To R.S.V.P. for the workshop or obtain more
information about the VFCP, please contact David Matheney at
415.975.4590, Ext. 112, or the San Francisco regional office at
415.975.4600.
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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