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Benefit Plan Sponsors › Excise Tax › Department of Labor (DOL)

Bricker Graydon LLP

Don’t Forget About the IRS When Correcting Delinquent Plan Contributions

Bricker Graydon LLP on

Employers that do not timely deposit participant deferrals and loan contributions to their employer sponsored retirement plans can be subject to Department of Labor (DOL) penalties for breaching their fiduciary duties....more

Husch Blackwell LLP

New Simplified DOL Rules for Self-Correcting Delinquent Contributions

Husch Blackwell LLP on

On January 14, 2025, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced significant updates to the VFCP. These changes, effective March 17, 2025, introduce a self-correction feature for...more

Nelson Mullins Riley & Scarborough LLP

DOL Relaxes Certain Self-Correction Rules for Tax-Qualified Retirement Plans

Nelson Mullins Riley & Scarborough LLP on

On Jan. 15, 2025, the Department of Labor (DOL) published updates to its Voluntary Fiduciary Correction Program (VFCP) to allow certain delinquent participant contributions, delinquent loan repayments and improper loans to be...more

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