The DOL’s Employee Benefits Security Administration (EBSA) has announced that it will conduct a webcast next Wednesday on its Voluntary Fiduciary Correction Program to advise plan sponsors and service providers about the agency’s enforcement program and how to prepare for a possible investigation. The program is designed to enable plan sponsors to identify and correct certain transactions such as prohibited purchases, sales and exchanges, improper loans, delinquent participant contributions, improper plan expenses, and other possible violations of Title I of the Employee Retirement Income Security Act (ERISA). As discussed in a fact sheet, the program includes 19 specific transactions and their acceptable means of correction, eligibility requirements, and application procedures. Successful correction of applicable transactions through the program will result in a “no action” letter from the EBSA.
The text only webcast will be held on Wednesday August 24, 2011 from 2 p.m. to 3:30 p.m. EDT. Those interested in registering can click here.
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