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The Delinquent Filer Voluntary Compliance Program (DFVCP) is a Department of Labor (DOL) program designed to encourage voluntary compliance with ERISA’s annual reporting requirements. ERISA’s annual reporting requirement is commonly referred to as the Form 5500.
The Form 5500 must generally be filed by the last day of the seventh month following the end of the plan year, unless an extension applies. The DOL has the authority under ERISA to assess penalties of up to $2,586 for each day a plan administrator fails to file a complete Form 5500.
The DFVCP gives delinquent plan administrators a way to avoid potentially higher civil penalty assessments by voluntarily filing late Forms 5500 and paying reduced penalties. This Compliance Overview provides an overview of the DFVCP, including the program’s eligibility requirements, penalty structure and participation procedures.
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