DOL Invititation to VFCP

[austin3515]

Client received the letter from the DOL regarding the disclosure on line 4a of late deposits. The letter does NOT request a response. Are you advising clients to respond or not?

I'm inclined not to respond because they did not request one. If we respond then we will need to show the correction which just gives them the opportunity to disagree with the correction.

Alternatively, they could respond and simply say that it has been corrected.

What do youi think?

[Tom Poje]

you might want to check out paragraph 5 of

http://www.relius.net/News/TechnicalUpdates.aspx?ID=200

[austin3515]

Thanks for the post Tom. In my letter (which I've read 5 times) it does NOT ask for a response. I've received the ones that do ask for a response, but this one doesn't.

Does that change things? They're not asking for anything, so why should I send something? Let them follow up if they want to, but because they didn't ask for a response I'm not sure how they could hold it against me.

[Bird]

We got one or two of these maybe two years ago, I put it aside to think about it and it got buried. Uncovered it maybe a year or 18 months later and nothing had happened so I threw it out.

[movedon]

I also ignored a few of these a couple years back and nothing ever happened.

[austin3515]

I asked others right here at "home" and they said they did the same thing with no consequence.

Thansk guys,

[Guest TBick]

Talked with the DOL folks here who do the VFCP, and ask about the "invitations" (we have never received one) and my interpretation "reading between the lines" is they won't automatically follow up on someone who doesn't respond, which seems consistent with the information here.