The Department of Labor (DOL) has issued a much awaited amendment to its Voluntary Fiduciary Correction Program (VFC Program). Notably, the amendment adds a self-correction feature for the delinquent transmittal of...more
The DOL updated its voluntary fiduciary correction program (“VFCP”) which was introduced over 20 years ago to allow plan sponsors to corrected enumerated fiduciary breaches. The amended VFCP now allows for self-correction of...more
1/30/2025
/ Benefit Plan Sponsors ,
Breach of Duty ,
Compensation & Benefits ,
Contribution Claims ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Financial Services Industry ,
IRS ,
Regulatory Requirements ,
Retirement Plan ,
SECURE Act ,
Securities and Exchange Commission (SEC) ,
Self-Correction Programs
Seyfarth Synopsis: On Tuesday, shortly after the IRS extended deadline relief to employee benefit plans, the U.S. Department of Labor granted its own relief for a number of deadlines related to the administration of employee...more