DOL Calculator w/o VFCP Filing

[austin3515]

The DOL is saying publicly now that you can only use the DOL calculator if you file under VFCP.

However, we've had clients ajudited by the DOL, where the auditor goes so far as to fill out the interest calculator for us as an example of how to correct??

I'm curious what other people are finding. Is it just a few higher ups pontificating, or are the field investigators applying this stupid standard as well?

[J2D2]

We were involved tangentially in a DOL audit last summer. The DOL auditor rejected our proposal to use the calculator to determine the lost earnings on late contributions.

[austin3515]

What did they want instead? Best performing fund?

Does anyone else feel this discriminates agaisnt the small employer, for whom the cost of filing under VFCP is most significant (relatively speaking).

[namealreadyinuse]

We just finished DOL audit and auditor filled out calculator for us and exepected correction to be made on that basis.

It doesn't sound like there is much consistency in this area.

[austin3515]

NAIU -

We had the EXACT scenario you just described, which is why I was shocked to hear J2D2's response...

[RTK]

One more on DOL audit done earlier this year. Auditor used highest performing fund to determine "lost opportunity costs."

[austin3515]

Just got back a DOL Letter - the DOL calced using the best performing fund.

I guess the DOL calculator is really dead...