On January 28, 2013, the Employee Benefits Security Administration of the Department of Labor released “technical” updates to its popular Delinquent Filer Voluntary Compliance program (“DFVC”).
Under the DFVC program, a plan administrator that has failed to file a plan’s annual report (or filed an incomplete or inaccurate annual report (5500/5500-SF)) can avoid certain penalties by filing the delinquent annual report under the program and paying a reduced penalty.
The technical update explains the use of the electronic filing for the program, sets out specific requirements as to plan year forms and schedules, and incorporates the online calculator to assist in determining the applicable penalty amount.
More information on the update can be found at http://www.dol.gov/ebsa/newsroom/2013/ebsa012813.html