The Wagner Law Group Description
Wagner Law Group, A Professional Corporation, is a nationally
recognized ERISA & employee benefits, estate planning,
employment, labor & human resources practice.
in 1996, The Wagner Law Group has 22 attorneys engaged
exclusively in employee benefits, estate planning and
employment law. Five of our attorneys are AV rated by
Martindale-Hubbell as having very high to preeminent legal abilities
and ethical standards. The firm is among the largest ERISA boutiques
in the country. Our practice is national in scope, with clients in
more than 40 states and several foreign countries.
Wagner Law Group
Fax: (561) 293-3591
7108 Fairway Drive
Palm Beach Gardens, FL 33418
Francisco, CA 94104
February 21, 2013
State and Federal Law
DOL Updates Delinquent Filer
Voluntary Compliance Program
The DOL has issued a notice
providing technical updates to its Delinquent Filer Voluntary
Compliance ("DFVC") Program.
ERISA requires most employee
benefit plans to file a Form 5500 annually. Plan administrators may
be liable for significant monetary penalties for failure to file
timely and complete Forms 5500. The DFVC Program encourages plan
administrators to file for overdue or incomplete Forms 5500 by
offering reduced penalties. In general, plan administrators are
eligible for relief under the DFVC Program if they comply with the
Program's requirements before receiving written notice from the DOL
of the Form 5500 filing failure.
The recent notice
incorporates changes to the DFVC Program since it was last updated in
2002, including the following:
- All Forms
5500 filed under the DFVC Program must now be filed
electronically, using the ERISA Filing Acceptance System
("EFAST2"). The DOL has also created an electronic
online payment option and payment calculator to help filers
determine applicable penalty amounts.
generally must use the Form 5500 and schedules for the
appropriate plan year when filing under the DFVC Program. However,
if the delinquent filing is for a plan year that is more than
three years prior to the most recent forms available in EFAST2,
the filing must be completed using the current year's Form 5500
and schedules. To help filers determine which forms to use when
filing for past years, the DOL has created a Form 5500 Version
Selection Tool, which is available at: www.dol.gov/ebsa/5500selectorinstructions.html.
- Schedule SSA
and IRS Form 8955-SSA cannot be submitted through EFAST2.
Instead, plan administrators must file these documents directly
with the IRS.
- While the
DFVC Program does not directly provide relief from late filing
penalties under the Internal Revenue Code, the IRS is expected
to issue guidance that will provide relief from penalties under
the Code for delinquent Form 5500 filings if plan administrators
satisfy the DFVC Program requirements. In addition, the Pension
Benefit Guarantee Corporation has agreed to provide certain
penalty relief for delinquent Form 5500 filings if the
conditions of the DFVC Program are met.
The DFVC Program will no
longer be formally amended through Federal Register notices for
non-substantive, technical changes (e.g., deleting
references to obsolete addresses for remitting penalty payments).
Instead, the DFVC Program's website (www.dol.gov/ebsa) will
be used for announcing non-substantive technical adjustments to the
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