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 Adrien Martin
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.
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.
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