ERISA Pros Announces Video to Help Employers Avoid Form 5500 Penalties via the DFVC Program
ATLANTA, October 18, 2023 (Newswire.com) - ERISA Pros, LLC, a leading vendor of ERISA compliance services for Health and Welfare Benefit Plans, announces the release of a new video relating to ways for employers and insurance brokers to understand the Department of Labor requirements for Form 5500 filings and how to use the government-sanctioned Delinquent Filer Voluntary Compliance Program (the DFVC Program) to greatly reduce the substantial penalties and fines for late filings.
According to Bernard Kearse, JD, LLM, founder of the company, “From our own experience, we know that each year a significant number of employers fail to timely file a Form 5500 for their welfare benefit plans. We have assisted late-filing clients for many years and have learned a lot about the best way to file. However, when we read that the DOL received over 22,000 delinquent filer submissions in 2022 alone, I was amazed at the magnitude of the problem. I then thought it would be valuable to communicate the DOL’s requirements to not only our clients but to a broad audience of employers: both the filing requirements and, for those who didn’t timely file, the government’s relief program available to mitigate the potentially huge penalties. Reflecting on how best to communicate this prevalent issue, I knew that many people today are watching a YouTube video on almost any subject matter. I was extremely surprised to find that there was not a single video posted to assist employers with understanding this important topic. We then decided we should do such a video.”
Vanessa Achenbach, Compliance Manager at ERISA Pros, added, “Over the many years I have been filing Form 5500s for our employers, I have found that, where an employer has failed to file, there is no better way to come into compliance than the DFVC Program. The rules for the welfare benefits area, including life, health, disability and other such arrangements, are different than for the 401(k) plan area and can be complicated. Even identifying the arrangements subject to ERISA can be a challenge. The good news is this voluntary program is generally open to all employers but is not available to employers after the DOL makes an inquiry or audit. So it’s important to take action quickly once a failure to file is discovered.
Click on the link below to view the video, or go to www.erisapros.com
https://www.youtube.com/watch?v=-ZU_pSSuTco
About the company:
ERISA Pros provides ERISA solutions for Health and Welfare Benefit Plans, including Plan Documents Wrap SPDs, POP Plans and Form 5500 electronic preparation and electronic filing services. Atlanta attorney, Bernard Kearse, JD, LLM, founded ERISA Pros to fill the need for high-quality, yet affordable documents and services. For a complimentary ERISA compliance evaluation or for additional information on the company and its services, contact:
Vanessa Achenbach
ERISA PROS, LLC
400 Northridge Parkway, Suite 250
Atlanta GA 30350
678-443-4003 (local)
866-488-6582 (toll-free)
Source: ERISA Pros