EBSA hosts free online workshop May 24, 2011, on Voluntary Fiduciary Correction Program

The U.S. Department of Labor's Employee Benefits Security Administration is hosting a free, online workshop on May 24, 2011, from 10am-12:30pm EDT, for employee benefit plan sponsors, officials, parties-in-interest and service providers who are interested in learning how to correct certain fiduciary violations under the Employee Retirement Income Security Act (ERISA).

The webcast will offer comprehensive information and individual help regarding the department’s Voluntary Fiduciary Correction Program (VFCP), which provides an opportunity to identify and self-correct plan activities that might otherwise result in investigative or enforcement action. EBSA staff will provide guidance on the application process.

Those who do choose to participate in VFCP must fully correct eligible transactions, calculate any losses, restore those losses with interest or profits, and distribute any supplemental benefits owed to eligible participants and beneficiaries. The program offers relief from Labor Department penalties and, in some cases, from Internal Revenue Service excise taxes that may otherwise be imposed. Additional information regarding the VFCP is available on EBSA’s Web page at www.dol.gov/ebsa.

For more information and to register for the workshop, please visit www.dol.gov/ebsa/pdf/vfcp052411.pdf.

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