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Compliance October 11, 2007
DoL Offers Online Tool to Calculate DFVCP Penalties
October 11, 2007 (PLANSPONSOR.com) - 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 to 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.
To access the calculator go here http://askebsa.dol.gov/dfvc.