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Compliance June 27, 2011
EBSA and IRS Host Voluntary Corrections Workshop
The Chicago Regional Office of the Employee Benefits Security
Administration (EBSA) and the Internal Revenue Service (IRS) announced a Voluntary Fiduciary Correction Programs Workshop.
Reported by Rebecca Moore
EBSA’s VFC Program is designed to encourage employers and plan fiduciaries to voluntarily comply with the regulations under the Employee Retirement Income Security Act (ERISA). The Program is available to plan sponsors, officers, trustees, plan administrators, parties-in-interest or other persons who may be liable for certain fiduciary breaches under the ERISA.
Under the Program, plan officials can identify and fully correct nineteen types of ERISA violations, such as delinquent and untimely participant contributions and loan repayments, prohibited purchases, sales and exchanges, improper loans, and improper payment of plan expenses. The Program also now incorporates a method for a plan to remove an illiquid asset.
The workshop will be in the CRO Conference Room on the 21st floor of the Kluczynski Federal Building at 230 S. Dearborn Street, Chicago, Illinois, on Tuesday, August 16, 2011, 9:00 a.m. to 12:00 p.m. Persons interested in attending the Workshop, should contact us at Katherine Lacy-Wilson at 312-886-0585, by fax at 312-353-1023, or by e-mail to Wilson.Katherine@dol.gov.