U.S. Department of Labor Provides Compliance Assistance Resources To Secure Employee Benefits
Washington, DC - - (October 24, 2018) - - The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) has developed compliance assistance resources to help protect employee benefits. EBSA's goal is to help workers by restoring plan assets and securing the payment of promised benefits, and to help employee benefit officials understand the law. These tools give employee benefit plans the ability to self-correct violations, and further the goals of the Department's recently announced Office of Compliance Initiatives (OCI) to encourage and facilitate compliance.
The Voluntary Fiduciary Correction Program explains what corrective action is required and provides a mechanism for relief from enforcement actions and excise taxes under the Internal Revenue Code for 19 separate categories of fiduciary violations.
The Delinquent Filer Voluntary Correction Program explains the steps plan administrators who are filing overdue mandatory annual reports can take to avoid higher civil penalty assessments.
Under the Employee Retirement Income Security Act of 1974, fiduciaries are responsible for operating employee benefit plans solely in the interest of participants and beneficiaries. EBSA's mission is to assure the security of the retirement, health and other workplace related benefits of America's workers and their families. For more information, visit dol.gov/agencies/ebsa.
OCI – housed within the Department of Labor's Office of the Assistant Secretary for Policy – fosters a compliance assistance culture within the Department designed to complement its ongoing enforcement efforts. This Office focuses on helping enforcement agencies more effectively use online resources to deliver information and compliance assistance to help the American people. In August 2018, OCI launched Worker.gov and Employer.gov to provide information about workers' rights and the responsibilities of job creators toward their workers.
Credit: U.S. Department of Labor
U.S. Department of Labor Provides Compliance Assistance Resources To Secure Employee Benefits
Collapse
-
Created by:
Staff Reporter 1
- Published: 10-26-2018, 05:23 AM
- 0 comments
What's Going On
Collapse
There are currently 66 users online. 5 members and 61 guests.
Most users ever online was 3,930 at 07:07 PM on 04-20-2019.
Announcement
Collapse
No announcement yet.
Latest Articles
Collapse
There are no results that meet this criteria.
X
Collapse
Shop Low Cost Domains
Collapse
Trending
Collapse
There are no results that meet this criteria.
Categories
Collapse
Shop at Low Cost Domains
Collapse
Technology Shopping
Collapse