DOL Offers Online Calculator To Help Employers And Benefit Plan Administrators Compute Penalties, File Overdue Reports

Washington – 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 program encourages plan administrators to file already overdue annual reports required under ERISA. Delinquent filers can avoid potentially higher civil penalty assessments by satisfying the program’s requirements and voluntarily paying a reduced penalty amount.

The DFVCP calculator, available at askebsa.dol.gov/dfvc, makes it possible to accurately and simply determine the amount of civil penalties owed under the program by plugging in the type of plan, size of plan and number of filings.

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 its web site at www.dol.gov/ebsa/Newsroom/0302fact_sheet.html.