Defining Delinquency with Respect to DFVC Program

[WDIK]

Plan administrators are elgibile to use the DFVC Program if the required filings are made prior to written notification by the DOL of a falure to file a timely annual report.

Suppose that a timely filing is made, but it is incomplete/incorrect in that the plan was not exempt from the audit requirement as originally thought. Can DFVCP be used?

[Guest alberts]

The DFVC proram is a voluntary compliance program for plan administrators to eliminate their exposure to huge civil penalties and file 5500s which either haven't been filed or were filed late.

The DFVC program is not at all relevant to deficient filings. You can always amend your filings to cure deficiencies without exposure to penalties before your filing is not been caught up in a DOL/IRS enforcement process.

[Guest David Thomas]

The DFVC proram is a voluntary compliance program for plan administrators to eliminate their exposure to huge civil penalties and file 5500s which either haven't been filed or were filed late.

The DFVC program is not at all relevant to deficient filings. You can always amend your filings to cure deficiencies without exposure to penalties before your filing is not been caught up in a DOL/IRS enforcement process.

I disagree. My understanding is that the DOL treats a Form 5500 filed without audited financial statements (if required) as though it has not been filed at all. Under that logic, one should be able to use the DFVC program.

Note that I have not looked at the rule to check my answer, but I'm pretty sure that I'm right.

[WDIK]

My understanding is that the DOL treats a Form 5500 filed without audited financial statements (if required) as though it has not been filed at all.

I am fairly sure that this statement is true with respect to any penalties that might be imposed. What I'm not sure about is if this also means the DFVC program is available.

Thanks for the opinions thus far.