DFVCP Payment

[Guest Scarlet Knight]

For various reasons the plan sponsor wants to pay the $1500 for missing multiple years of filings by cashiers check and not by company check. Will the DOL accept a Bank cashiers check or does it have to be a plan sponsor / company check?

[Guest Sieve]

Section 2.03(a) of DFVCP says merely: "The plan administrator shall pay the applicable penalty amount by submitting to the DFVC Program the [required] information . . . along with a check made payable to the ‘‘U.S. Department of Labor’’ for the applicable penalty amount . . .” It can't be a check drawn on the Plan, but I see no requirement that it be a corporate/company check.

[PensionPro]

You can also call EBSA at 202.693.8360 for your DFVCP questions.

[Guest Form5500Guru™]

The DOL will accept a Bank cashiers check or a company check. You cannot use plan assets to pay late penalties or lost earnings, so it can't be a check from the plan.