For Immediate Release: January 28, 2013
Contact: Jason Surbey or Mike Trupo
Phone: 202-693-4668 or 202-693-6588
Email: Surbey.firstname.lastname@example.org or Trupo.email@example.com
US Labor Department Updates Delinquent Filer Voluntary Compliance Program
WASHINGTON – The U.S. Department of Labor’s Employee Benefits Security Administration today announced technical updates to its Delinquent Filer Voluntary Compliance Program.
The Employee Retirement Income Security Act requires most private-sector plans to file an annual return/report of employee benefit plan. This is usually the Form 5500 or, for certain small plans, Form 5500-SF. Plan administrators who fail or refuse to comply with ERISA’s annual filing requirement may incur significant monetary penalties.
The Delinquent Filer Voluntary Compliance Program was established in April 1995 to encourage plan administrators to file overdue, incomplete or incorrect Form 5500 annual reports with reduced civil penalties. The program was last updated and expanded in March 2002.
The technical updates announced today incorporate an existing voluntary online penalty calculator and web payment system into the DFVC Program. The updates also fully integrate the DFVC Program into the EFAST2 electronic filing system, including a Form 5500 Version Selection Tool, available at www.dol.gov/ebsa/5500selectorinstructions.html, which helps filers determine which forms they need to use when filing electronically for past years.
To view the updated DFVC Program Federal Register Notice, please visit www.dol.gov/find/20130128/. To view the DFVC Program updated Frequently Asked Questions, please visit www.dol.gov/ebsa/faqs/faq_dfvc.html.
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.