:: Compliance Information From DOL: Interactive Calculator Tool For Penalty Estimates, Advance Copies Of 2007 Form 5500 & “The ERISA Fiduciary Advisor” Interactive Guidance
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) today launched an interactive calculator that makes it easier for employers and plan administrators who are delinquent in meeting annual reporting requirements under the Employee Retirement Income Security Act (ERISA)to accurately compute penalties owed under the agency’s Delinquent Filer Voluntary Compliance Program (DFVCP).
The Department of Labor posted some useful information for those tasked with annual reporting compliance. You can find the new calculator tool noted in the foregoing excerpt here. The DOL states that:
The DVFCP Online Calculator is a compliance assistance tool and is made available to facilitate applications under the DFVCP. Use of the DVFCP Online Calculator does not create or confer legally enforceable rights upon any person or entity.
The Delinquent Filer Voluntary Compliance Program (DFVCP) encourages plan administrators to file already overdue annual reports required under ERISA. According to the DOL, “delinquent filers can avoid potentially higher civil penalty assessments by satisfying the program’s requirements and voluntarily paying a reduced penalty amount.”
Advance Informational Copies of 2007 Annual Return/Report
Also, the U.S. Department of Labor’s Employee Benefits Security Administration, the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation today released advance informational copies of the 2007 Form 5500 Annual Return/Report of Employee Benefit Plan and related instructions. You can find that information here. ( N.B. Advance copies of the 2007 Form 5500 cannot be used for 2006 plan year filings.)
Modifications to the Form 5500 for plan year 2007 are described under “Changes to Note†in the 2007 instructions. Significant changes include:
- A new simplified reporting option for eligible plans with fewer than 25 participants required by the Pension Protection Act (PPA).
- Revised Schedule B instructions to reflect the updated mortality tables and the list of codes used for valuation purposes, as well as for calculating current liability for plan years beginning on or after January 1, 2007.
- Instructions that caution certain filers that, due to form changes required by the PPA that will appear in the 2008 Form 5500, they will have to wait for the 2008 forms rather than using the 2007 forms if they must file a 2008 short plan year report.
EFAST Helpline – 1.866.463.3278.
Interactive Webtool - “The ERISA Fiduciary Advisor”
The U.S. Department of Labor’s Employee Benefits Security Administration has also made available a new interactive web tool to serve as a resource for employers in complying with federal employee benefit laws.
The ERISA Fiduciary Advisor is designed to help employers and others who provide services to private sector retirement plans understand their responsibilities. The advisor provides an overview of the Employee Retirement Income Security Act (ERISA), including the most common mistakes EBSA finds in its investigations, and provides links to additional information as well as tools to assist plan officials. Strong fiduciary oversight and compliance assistance are both high priorities for EBSA.
You can find this tool, dubbed “The ERISA Fiduciary Advisor”, here.
Note: The DOL initiative to assist employers is dulled somewhat by the ubiquitous disclaimers on the site. For example, “The ERISA Fiduciary Advisor” disclaims responsibility as follows:
Statutory and Regulatory Disclaimer
The Department of Labor is providing this information as a public service. The regulations and related materials are maintained on this system to enhance public access to information on Department of Labor programs. This is a service that is continually under development. The user should be aware that, while we try to keep the information timely and accurate, there could be a delay between official publication of new laws, regulations or other official guidance and their incorporation into this system. Further, some of the guidance provided by this system relies on the accuracy of the data provided by the user. Therefore, we make no express or implied guarantees.
The Federal Register and the Code of Federal Regulations remain the official sources for regulatory information published by the Department of Labor. We will make every effort to correct errors brought to our attention.
