ComplianceAugust 10, 2010

EBSA Schedules VFCP Seminar for the Big Apple

<h2>The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) will hold a free New York City workshop on September 1 about its Voluntary Fiduciary Correction Program (VFCP). </h2>

Reported by PLANSPONSOR staff

A news release said EBSA staff will be on hand to provide one-on-one program assistance and guidance on the application process during the 10 a.m. to 1 p.m. session. The VFCP allows sponsors to identify and self-correct potential problems that might otherwise incur investigative or enforcement actions.

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 the Internal Revenue Service excise taxes that may otherwise be imposed.

Availability is limited and pre-registration is recommended. The workshop will be held at 33 Whitehall St., 11^th floor, in New York City. For more information, contact Jeffrey Singer at 212-607-8663 or singer.jeffrey@dol.gov.

More information about the VFCP is here.