EBSA and IRS Announce Voluntary Corrections Program Workshop

The workshop will be in the CRO Conference Room on the 21^st 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.   

The announcement explained that 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.