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Release Date: November 14, 2007
Release Number: 07-1748-NEW/BOS 2007-349
Contact Name: Gloria Della/Richard Manning
Phone Number: 202.693.8664/202.693.4676
New York – The U.S. Department of Labor’s
Employee Benefits Security Administration (EBSA) will hold a free
workshop to help employers, pension plan administrators and other
benefit professionals comply with federal employee benefits law. The
workshop will be held on December 14, from 10 a.m. to noon EST, at the
Labor Department’s Lower Level Conference Center, 1400 Old Country
Road in Westbury, New York.
The workshop will offer comprehensive information and
one-on-one help regarding how to apply to and utilize the Voluntary
Fiduciary Correction Program (VFCP) to self-correct 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 Labor Department.
The VFCP provides plan fiduciaries and others with an
opportunity to identify and correct plan activities that might otherwise
make them subjects of investigative or enforcement actions. Applicants
must fully correct any prohibited transactions, calculate any losses and
restore those losses with interest or profits, and distribute
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.
Information about the VFCP is available at www.dol.gov/ebsa.
The workshop is open to employers, accountants, plan
fiduciaries, third party administrators, attorneys and anyone else
concerned about responsibilities in administering employee benefit
plans. Registration, limited to 25 people, is on a first-come,
first-served basis, so individuals should register as soon as possible
to ensure space availability. For more information and to register,
please contact Richard Stecher in EBSA’s New York office by telephone
at 212.607.8645, by fax at 212.607.8681 or by e-mail at stecher.richard@dol.gov.
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.
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