What does DFVC stand for?

In an effort to assist employers, plan officials, service providers and others in complying with the fiduciary responsibility, reporting and disclosure requirements of the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor (DOL) adopted two employee benefit plan correction programs--the Voluntary Fiduciary Correction Program (VFCP) and the Delinquent Filer Voluntary Compliance Program (DFVCP).

Johnson's presentation included a review of the Sarbanes-Oxley Act that increased ERISA penalties, the improved delinquent filer voluntary compliance program, proposed regulations on taxation of split dollar insurance arrangements, and SEC final rules on disclosure of equity-based compensation.

However, he or she may wish to advise the plan administrator of the filing requirements and the availability of the DOL's delinquent filer voluntary compliance program, which gives plan administrators an opportunity to file overdue annual reports and pay reduced civil penalties.