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Release Date: 12/22/2003
Release Number: 146 (03-961-SAN)
Contact Name: Deanne Amaden
Phone Number: 415.975.4741
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San Francisco, California - The U.S. Department
of Labor will hold a first-of-it’s-kind workshop to help employers and
pension plan administrators better comply with federal pension law. The
workshop will be held on January 15, 2004 at the Pasadena Convention
Center. |
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The one-day workshop, sponsored by the Labor Department’s
Employee Benefits Security Administration (EBSA) will offer comprehensive
information and one-on-one help about the Voluntary Fiduciary Correction
Program (VFCP). The program is designed to encourage pension plan managers
and officials to comply with federal pension law. |
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The Voluntary Fiduciary Correction Program 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. |
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Billy Beaver, EBSA regional director in Los Angeles,
said the voluntary program is an effective component of the agency’s
overall efforts to make sure that pension benefits are invested,
preserved, and available to employees when they need them. “By helping
plan administrators resolve issues before they escalate, we are helping
both the employers and the employees,” said Beaver. He added that the
program was recently updated and streamlined to make it easier to apply
and to enhance the benefits of participating. |
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The Pasadena Convention Center is located at 300 East
Green Street in Pasadena. The workshop will begin at 9:00 a.m. with a
brief overview of the program, including recent changes. EBSA staff will
be on hand until noon and from 1:30 – 4:30 p.m. to provide one-on-one
program assistance and guidance on the application process. The workshop
is open to employers, accountants, plan fiduciaries, third party
administrators, attorneys, and anyone with concerns about their
responsibilities administering pension plans. |
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For more information on the Voluntary Fiduciary
Correction Program and the workshop, please contact the Los Angeles
regional office of the EBSA 626.229.1000 or send an e-mail to vfcp@dol.gov. |
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U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7773 or TTY 202.693.7755. |
