DOL Announces New Online Tools for Workers and Plan Administrators
WASHINGTON, DC, September 22, 2008 -- The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) today announced new online tools to give workers access to financial information and an improved calculator that makes it easier for employers and plan administrators to pay online civil penalties for delinquent filings of annual reports under the agency's Delinquent Filer Voluntary Compliance Program (DFVCP).
The Pension Protection Act of 2006 required the department to post on its website actuarial information of pension plans filed with the Form 5500 annual reports. The site, located at http://www.dol.gov/ebsa/actuarialsearch.html, provides user friendly ways for workers and plan officials to search for plan information by such categories as plan name, employer identification number or date.
The DFVCP encourages plan administrators to file already overdue annual reports required under the Employee Retirement Income Security Act. Delinquent filers can avoid potentially higher civil penalty assessments by satisfying the program's requirements and voluntarily paying a reduced penalty amount.
Employers and plan administrators can access the new feature that allows them to electronically pay civil penalties at http://www.dol.gov/ebsa/calculator/dfvcpmain.html. The calculator uses the Department of the Treasury's pay.gov financial management system. Users now can accurately and simply calculate the amount of civil penalties and pay those penalties online with a credit or debit card as an alternative to paying by check.
This new tool is part of EBSA's compliance assistance program and is available nationwide. For more information on the Delinquent Filer Voluntary Compliance Program, contact EBSA at 202.693.8360 or visit the agency's website at www.dol.gov/ebsa/Newsroom/0302fact_sheet.html.
###
Click here for more material dealing with current trends, opinion, news, legislative action, investments, marketing, sales, consulting, and legal issues on 401k plans.
This is a press release provided by the company or its representatives. 401khelpcenter.com, LLC is not the author of this release and is not associated or affiliated with any firm or organization mentioned unless otherwise noted. Use of any information obtained from this release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by 401khelpcenter.com, LLC.
