In addition, the Department’s Delinquent Filer Voluntary Compliance Program (DFVC) assists late or non-filers of the Form 5500 in coming up to date with corrected filings.
For an overview of both programs, consult EBSAs Web site.
Tips For Employers With Retirement Plans
Understanding fiduciary responsibilities is important for the security of a retirement plan and compliance with the law. The following tips may be a helpful starting point:
Have you identified your plan fiduciaries, and are they clear about the extent of their fiduciary responsibilities?
If participants make their own investment decisions, have you provided sufficient information for them to exercise control in making those decisions?
Are you aware of the schedule to deposit participants’ contributions in the plan, and have you made sure it complies with the law?
