In a News Release of January 28, 2013, the U.S. Department of Labor’s Employee Benefits Security Administration announced technical updates to its Delinquent Filer Voluntary Compliance (“DFVC”) Program.
The News Release says that ERISA requires most private-sector employee benefit plans to file an annual return/report. This is usually the Form 5500 or, for certain small plans, Form 5500-SF. Plan administrators who fail or refuse to comply with ERISA’s annual filing requirement may incur significant monetary penalties. The DFVC Program was established in April 1995 to encourage plan administrators to file overdue, incomplete or incorrect Form 5500 annual reports with reduced civil penalties. The DFVC Program was last updated and expanded in March 2002.
The News Release says further that the technical updates announced today incorporate an existing voluntary online penalty calculator and web payment system into the DFVC Program. The updates also fully integrate the DFVC Program into the EFAST2 electronic filing system, including a Form 5500 Version Selection Tool, available here, which helps filers determine which forms they need to use when filing electronically for past years.