For Immediate Release: August 17, 2011
Contact: Mike Trupo
Employee Benefits Security Administration to host Webcast on Voluntary Fiduciary Correction Program
Online event scheduled for Wednesday, August 24, 2:00-3:30 p.m. EDT
Washington - The U.S. Department of Labor’s Employee Benefits Security Administration will host a Webcast on Wednesday, August 24, to inform plan sponsors and service providers about the EBSA enforcement program, and how to prepare for a possible investigation.
The Webcast will run from 2 p.m. to 3:30 p.m. EDT, and will highlight EBSA’s Voluntary Fiduciary Correction Program which encourages plan sponsors and service providers to self-correct violations of the Employee Retirement Income Security Act (ERISA).
Vigorous enforcement of the law is one of the ways that EBSA accomplishes its mission to assure the security of the retirement, health and other workplace related benefits of America’s workers and their families. Investigations to detect and correct violations of Title I of ERISA and related criminal laws are a key component of EBSA’s enforcement program and are conducted by the investigative staff in EBSA’s field offices.
The VFCP allows plan officials to identify and fully correct certain transactions such as prohibited purchases, sales and exchanges, improper loans, delinquent participant contributions, and improper plan expenses. The VFCP includes 19 specific transactions and their acceptable means of correction, eligibility requirements, and application procedures. If an eligible party documents the acceptable correction of a specified transaction and satisfies the terms of the program, EBSA will issue a no action letter.
Those interested in taking part in the text only Webcast can register by clicking on the following link http://event.on24.com/r.htm?e=344713&s=1&k=8EE51BAE433EA4D7832EBF64F8555ECE.
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U.S. Department of Labor news materials are accessible at www.dol.gov. The information above is available in large print, Braille, audio tape or disc from the COAST office upon request by calling 202-693-7828 or TTY 202-693-7755.