News Release

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Release Date: August 28, 2006
Release Number: 06-1487-DEN
Contact Name: Rich Kulczewski
Phone Number: 303.844.1302

Labor Department Sponsors Free Salt Lake City Workshops on Federal Employee Benefits Law

Salt Lake City, Utah - The U.S. Department of Labor will hold free workshops September12 to help employers and pension plan administrators better comply with federal employee benefits law. The workshops will be held at the Wallace F. Bennett Federal Building, 125 South State Street.

The half-day workshops, sponsored by the department’s Employee Benefits Security Administration (EBSA), will offer comprehensive information and one-on-one help regarding the Voluntary Fiduciary Correction Program (VFCP). Revisions to the VFCP, finalized on April 19, expanded and simplified the program. The VFCP is designed to encourage pension plan managers and officials to comply with the laws governing pension and health benefits.

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 and health benefits are protected in order to be 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. The afternoon session begins at 1:30 p.m. Both sessions will be held in Room 2404 of the Wallace F. Bennett Federal Building.

EBSA staff will be on hand during the day to provide 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 workshops or obtain more information about the VFCP, contact David Matheney at 415.975.4590, Ext. 112, or the San Francisco regional office of EBSA at 415.975.4600 or e-mail at VFCP-SFRO@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 202.693.7765 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.