Compliance October 11, 2007

DoL Offers Online Tool to Calculate DFVCP Penalties

The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) has released an interactive calculator to help employers and plan administrators who faltered on annual reporting requirements accurately compute penalties owed under the agency’s Delinquent Filer Voluntary Compliance Program (DFVCP).
Reported by

The program encourages plan administrators to file already overdue annual reports required under Employee Retirement Income Security Act (ERISA).

The DFVCP calculator will determine the amount of civil penalties owed by plugging in the type of plan, size of plan, and number of filings, the agency said.

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Delinquent filers can avoid potentially higher civil penalty assessments by satisfying the program’s requirements and voluntarily paying a reduced penalty amount.

The calculator can be accessed at http://askebsa.dol.gov/dfvc.

Deals & People October 11, 2007

Deschenes is MassMutual’s New CMO for Retirement Income Unit

MassMutual Financial Group announced that Stephen Deschenes has been hired as senior vice president and chief marketing officer (CMO) for MassMutual’s Retirement Income Group.
Reported by

Reporting to Drew Dickey, senior vice president and group managing director of Retirement Income, Deschenes will assume overall responsibility for marketing, product development, and pricing of the broad array of Retirement Income products. In addition, the company said, Deschenes will be charged with the management of a special, dedicated team focused upon development of income products, such as MassMutual’s Retirement Management Account (RMA).

With nearly 25 years of marketing experience with a strong history in financial services, Deschenes was most recently executive vice president and head of product management for Fidelity Investments Life Insurance Company.

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