The Department of Labor (DOL) is inviting public comments on an information collection request related to the Delinquent Filer Voluntary Compliance Program, which is being reviewed for approval by the Office of Management and Budget (OMB). This program allows plan administrators to pay reduced penalties if they voluntarily comply with annual reporting requirements under the Employee Retirement Income Security Act of 1974 (ERISA). The DOL is seeking authorization for this information collection for three years, targeting businesses and not-for-profit institutions. Comments must be submitted by February 16, 2021.
Simple Explanation
The Department of Labor wants to hear from people about a program that helps companies who are late in sending important paperwork. If they send it in late but honestly, they pay a smaller fine. The department wants approval to keep asking companies to do this for three more years.