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We earlier reported on a new program that makes it easier for employers and benefit plan officials to voluntarily correct certain employee benefit plan violations and avoid enforcement actions and penalties. Now, the Department of Labor’s Pension and Welfare Benefits Administration has released guidance with FAQs about the VFCP program and useful hypothetical examples. The […]
Two new federal Department of Labor programs will make it easier for employers and benefit plan officials to voluntarily correct certain employee benefit plan violations and avoid enforcement actions and hefty penalties. Here’s how these programs work.
The U.S. Department of Labor’s Pension and Welfare Benefits Administration (PWBA) has just released its new enforcement strategy to ensure that pension plans comply with ERISA. The main target: defined contribution programs, particularly 401(k) plans. This means you could be hit with hefty penalties for pension plan administration errors, such as delinquent employee contributions and […]