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DOL Letter - Questions


Guest Mariko

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Guest Mariko

If a Plan Sponsor is unsure as to whether or not a Top Hat notification was ever filed with the DOL, what is the best course of action? Is it best to proceed with the Voluntary program of delinquency and pay the $2500? Is there any way to determine whether or not a filing is on record with the DOL without raising a red flag with the DOL? Is anyone aware of an actual instance where the DOL has gone after the Plan Sponsor of a DCP requesting 5500s in arrears due to the absence of a Top Hat filing?

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The cynic's response:

When the DoL first announced a relief program for late filing of 5500s, some lawyer (There always has to be at least one.) asked whether the program covered top-hat filings. Up until that point, the DoL hadn't paid the slightest bit of attention to top-hat filings (or their absence), but sensing an opportunity to raise money, it included them in the program. At that point practioners became aware of an ancient and almost forgotten regulation requiring an insignficant notification that the Dol had always ignored.

I am not aware of the DoL actually going after anyone, but they could.

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