The Employee Benefits Security Administration (EBSA) office of the Department of Labor protects the integrity of retirement, health and other employee benefit plans. Among the key areas EBSA oversees are the fiduciary responsibility, prohibited transaction, and reporting and disclosure requirements of the Employee Retirement Income Security Act (ERISA).
One of EBSA's goals is to educate and assist employers, plan officials, service providers and others in achieving and maintaining compliance. Among its compliance assistance initiatives, EBSA has two programs that encourage voluntary compliance through self-correction.
The Delinquent Filer Voluntary Compliance Program (DFVC) provides plan administrators with a way to comply with the annual reporting requirements by coming up to date with corrected filings of Form 5500s.
The Voluntary Fiduciary Correction Program (VFCP) gives plan sponsors and service providers the chance to self-correct fifteen specific financial transactions that violate ERISA, such as delinquent participant contributions.
For additional information on these two programs and EBSA's other compliance assistance activities, contact EBSA by calling toll free 1-866-444-EBSA (3272) or electronically at www.askebsa.dol.gov or visit EBSA's Web site at www.dol.gov/ebsa.
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