♦ What actions can be taken if an employer fails to file a Form 5500?The Department of Labor currently maintains the Delinquent Filer Voluntary Compliance (DFVC) program. Without this program, the penalties for failing to file a Form 5500 are $25/day up to $15,000/year to the IRS, and $1,100/day to the DOL, without any limit. Under the DFVC, the penalties are significantly reduced. The maximum penalty can be as low as $10/day for delinquent Form 5500s that are caught quickly, according to Frank Palmieri, partner, Palmieri & Eisenberg. 

♦ Changes to EEO-1 Report due September 30, 2007 Employers with 100 or more employees, and federal contractors with 50 or more employees and a $50,000 federal contract, must provide an annual count of their employees by job category and ethnicity, race, and gender in an EEO-1 Report by Sept. 30 each year. Although the new regulations do not require an employer to resurvey its workforce, the EEOC "encourages" employers to allow their current employees to voluntarily self-identify using the new race and ethnic categories. In addition, under the new system, the EEOC will categorize employees based on their level of responsibility and influence in the organizational hierarchy, rather than on the census codes. Employees in business and financial occupations who are non-managerial employees should be assigned to the professional category in the new system, according to Fisher & Phillips LLP.  

♦ Web page offers HR Managers Resources on SS programs The Social Security Administration recently launched a new webpage that offers information and resources on various Social Security pro-grams and Medicare, especially designed for Human Resource Managers. Check out this useful resource at http://www.socialsecurity.gov/SSA_Home.html    

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