Delinquent Filer Voluntary Compliance Program (DFVCP)BC22023-12-08T21:03:42-05:00
Mitigating Risk Through DFVCP For Comprehensive Compliance Framework
Plan administrators have a critical responsibility to file Form 5500 annual returns on time. Failure to do so can result in severe penalties from both the Department of Labor and the Internal Revenue Service. The stakes are high, and the risks are real.
WHY YOU NEED DFVCP SERVICES
ERISA compliance is not just a legal requirement; it’s a critical aspect of responsible plan administration. Failing to file Form 5500 on time can lead to severe penalties, including daily fines and potential legal actions. The complexity of ERISA regulations and non-compliance risk make professional guidance essential. Whether managing a small or large plan, understanding and navigating the DFVCP process can save you time, money, and legal headaches.
UNDERSTANDING THE PENALTIES
The DOL can assess civil penalties of up to $1,100 per day, while the IRS may impose additional penalties of $25 per day, up to $15,000 per return. The consequences of failing to comply are serious and far-reaching.
THE OPPORTUNITY FOR VOLUNTARY COMPLIANCE
In an effort to encourage compliance, the Department of Labor’s Employee Benefits Security Administration (EBSA) offers reduced civil penalties for voluntarily complying with Form 5500 annual reporting requirements through the DFVC Program. This opportunity is available prior to receiving written notification from the DOL of a failure to file.
How BC2 Can Help with Our DFVCP Services
At Benefits Compliance Consultants LLC., we specialize in ERISA compliance and DFVCP services.
Our DFVCP consultants will:
Assess Your Situation: Determine your specific needs and eligibility for the DFVC Program.
Provide a Customized Quote: Offer a confidential, complimentary quote tailored to your plan.
Handle the Filing Process: Electronically file Form 5500 and manage penalties with our proprietary service.
Offer Ongoing Support: Provide continuous guidance and support to ensure ongoing compliance.
Time is of the essence! If the DOL identifies the delinquency before the requirement is resolved, the plan sponsor may no longer be eligible to participate in the DFVC Program.
Penalty Structure Under the DFVC Program
Under the DFVC Program, a plan administrator who failed to file 5500 avoids the potentially large civil penalties (up to $30,000 per year) and can pay a smaller pre-determined penalty (generally $2,000 per year, but not to exceed $4,000 for multiple year delinquencies).
Participate in the DFVCP: A Simple 3-Part Process.
Plan administrators with Form 5500 filing obligations who comply with the provisions of the program who have not been notified in writing by the DOL of failure to file a timely Form 5500.
Submit your plan information online for a confidential, complimentary quote.
Receive a prompt estimate for our preparation, filing services, and applicable penalties.
Benefit from our electronic filing and proprietary penalty payment service, eliminating the need to deal directly with the IRS or Department of Labor.
Secure Your Compliance with Our Expert DFVCP Services
Don’t risk penalties. Choose peace of mind with our guaranteed ERISA compliance solutions.
“We recently became members of the ERISAlliance Network and could not be more pleased! We are so relieved to have a one stop shop for all of our benefits plan administration and ERISA compliance needs.”
IAG, Inc., Des Moines, Iowa
“Thank you for helping Optiver, Inc… It is a big relief for them to be in ERISA compliance.
CMC Advisory Group, Chicago, Illinois
“Thank you very much for helping us navigate through this process. We are very pleased that we can now look forward to regular, timely Form 5500 filings. We have enjoyed working with you.”
Optiver, Inc., Chicago, Illinois
“You did a great job on our Form 5500 preparation as usual… Now, that’s what we call service!”
JENOPTIK Optical Systems, Inc., Jupiter, Florida
“We cannot thank you enough for getting us in compliance. You were most accommodating and we wouldn’t have known what to do or where to turn without your guidance. We would certainly tell you to list us as a reference. We learned a lot from you and look forward to working with you again.”
The Nevins Nursing and Rehabilitation Centre, Methuen, Massachusetts
“THANK YOU!!!! We want to thank you very much for the great work you did on our Form 5500 filing. You made the process painless. You were fast and efficient and you even got it filed before our deadline.”
Third Sector New England Company , Boston, Massachusetts
“What a mess we had… Great job sorting through it all. Thank you for all of your hard work on our Form 5500 filing and plan document.
Jackson General Hospital, Ripley, West Virginia
“I have worked with Benefits Compliance Consultants for about 18 months now. They made it so easy for me to learn about Form 5500’s so that I in turn could educate my clients about this important part of our industry. From the very first client they impressed not only us at Ameriflex, but our clients, with their expertise. I have been able to use their Form 5500 filing services product as a stepping stone to sell other products. While initially I acted as a middle man between their company and our client, I quickly built so much trust in them that I now refer people directly to them without hesitation. Just recently, they bent over backwards to assist one of my brokers out (during the busy season, no less), and it helped this client get out of a really tight spot. As the complexities and Form 5500 filing fees mounted for this client, they made sure that all parties were kept abreast of exactly what was going on with everything. Bottom line: I would recommend anyone to Benefits Compliance Consultants for help with their or their clients’ ERISA needs.
Sally Volstad, Regional VP (Midwest), Ameriflex Business Solutions