Release Date: October 10, 2007
U.S. Labor Department offers online calculator to help employers and benefit plan administrators compute penalties, file overdue reports
Washington – The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) today launched an interactive calculator that makes it easier for employers and plan administrators who are delinquent in meeting annual reporting requirements under the Employee Retirement Income Security Act (ERISA) to accurately compute penalties owed under the agency’s Delinquent Filer Voluntary Compliance Program (DFVCP).
The program encourages plan administrators to file already overdue annual reports required under ERISA. Delinquent filers can avoid potentially higher civil penalty assessments by satisfying the program’s requirements and voluntarily paying a reduced penalty amount.
The DFVCP calculator, available at askebsa.dol.gov/dfvc, makes it possible to accurately and simply determine the amount of civil penalties owed under the program by plugging in the type of plan, size of plan and number of filings.
This new tool is part of EBSA’s compliance assistance program and is available nationwide. For more information on the Delinquent Filer Voluntary Compliance Program, contact EBSA at 202.693.8360 or visit its web site at www.dol.gov/ebsa/Newsroom/0302fact_sheet.html.
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 202.693.7828 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.