Earlier this year, the U.S. Department of Labor (“DOL”) amended its Voluntary Fiduciary Compliance Program (“VFCP”) to provide retirement plan sponsors with a simplified option for correcting certain specified prohibited...more
7/29/2025
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Compliance ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Responsibilities ,
EPCRS ,
Excise Tax ,
Fiduciary Duty ,
IRS ,
Penalties ,
Prohibited Transactions ,
Reporting Requirements ,
Retirement Plan ,
Self-Correction Programs ,
Voluntary Fiduciary Compliance Program (VFCP)
The Internal Revenue Service (IRS) has begun accepting determination letter applications for individually designed 403(b) plans. An individually designed 403(b) plan is generally one that is not maintained through a prototype...more