The workshops will discuss the following Employee Retirement Income Security Act (ERISA) transactions that are eligible for correction under the VFCP:
• Delinquent Participant Contributions to Retirement Plans, or Insured Welfare Plans, or Welfare Plan Trusts.
• Fair Market Interest Rate Loans Between Employee Benefit Plans and Parties-in-Interest (PIIs).
• Below Market Interest Rate Loans with Parties-in-Interest, or Nonparties-in-Interest.
• Below Market Interest Rate Loans to PIIs or Non PIIs due to delays in perfecting loan collateral security.
• Participant Loan Amount Exceeds Plan Limitations.
• Participant Loan Duration Exceeds Plan Limitations.
• Default Participant Loans.
• Purchase of Assets by Plans from Parties-in-Interest.
• Sale of Assets by Plans to Parties-in-Interest.
• Sale and Leaseback of Property to Sponsoring Employers.
• Purchase of Assets from Non PIIs at other than Fair Market Value (FMV).
• Sale of Assets to Non PII at other than FMV.
• Holding of Illiquid Assets Previously Purchased by Plan Benefit Payments based on improper Valuation of Plan assets.
• Payment from a Plan of duplicate, excessive, or unnecessary compensation.
• Expenses Improperly Paid by a Plan including Settlor fees.
• Payment from a Plan of dual compensation to Plan fiduciaries.
In addition, the workshops in Detroit and Fort Wright will cover the DoL’s Abandoned Plan Program and who may qualify as a Qualified Termination Administrator (QTA).
Attendees can receive one-on-one assistance with respect to either the Voluntary Fiduciary Correction or Abandoned Plan Programs.
More about the Pasadena event is available at http://www.dol.gov/ebsa/pdf/workshopflyers/vfcpCA012612.pdf.
More about the Detroit event is available at http://www.dol.gov/ebsa/pdf/workshopflyers/vfcpABPlanMI.pdf.More about the Fort Wright events is available at http://www.dol.gov/ebsa/pdf/workshopflyers/vfcpABPlanKY.pdf.