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Release Date: 11/08/2004
Release Number: 04-2309-NEW
Contact Name: Gloria Della
Phone Number: 202.693.8664
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New York, New York - The U.S. Department of
Labor’s Employee Benefit Security Administration in New York City will
hold a seminar to assist employers, pension plan administrators and other
benefit professionals comply with federal employee benefits law. The
seminar will be held on December 3, 2004 at the Broad Financial Center, 33
Whitehall Street, 11th Floor Conference Room. |
The
VFCP provides plan fiduciaries with an opportunity to identify and correct
plan activities that might otherwise make them the subject of
investigative or enforcement action. Applicants under the program must
fully correct any prohibited 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 Internal
Revenue Service excise taxes that may otherwise be imposed. Information
about the VFCP is available on EBSA’s Web site at www.dol.gov/ebsa. |
The
seminar will take place from 10:00 a.m. to Noon and offers a brief
overview of the program. EBSA staff also will provide one-on-one program
assistance and guidance on the application process. The seminar is open to
employers, accountants, plan fiduciaries, third party administrators,
attorneys, and anyone with concerns about their responsibilities in
administering employee benefit plans. |
Registration
is on a first-come, first serve basis so individuals should register by
November 24 to ensure space availability. For more information on the VFCP
and the seminar, please contact Richard Stecher of the EBSA New York
office by phone at 212.607.8645, by fax at 212.607.8681, or e-mail to
stecher.richard@dol.gov. |
The
seminar will offer comprehensive information and one-on-one help on how to
utilize the Voluntary Fiduciary Correction Program (VFCP) to self-correct
potential 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
department. |
U.S.
Labor Department news releases are accessible on the Internet at
www.dol.gov. 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
www.dol.gov/compliance. |
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