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Benefit Plan Sponsors › Fiduciary Duty › Voluntary Correction Program

Morrison & Foerster LLP

Sorry I’m Late: New Guidance on Late Contributions

Morrison & Foerster LLP on

Twenty (20!) years after it last issued guidance, the DOL’s Employee Benefits Security Administration has finally released an updated Voluntary Fiduciary Correction Program (VFCP). VFCP is a program that permits retirement...more

Bricker Graydon LLP

Self-Correction of Late Deferrals Will Soon be Permissible (Sometimes)

Bricker Graydon LLP on

The U.S. Department of Labor (DOL) issued a revised Voluntary Fiduciary Compliance Program (VFCP), a long-awaited update by many in the industry. The most significant change is the introduction of a self-correction component,...more

Bricker Graydon LLP

Too Little, Too Late? Plan Contribution Timing Requirements and How to Correct Delays

Bricker Graydon LLP on

One of the most basic duties of a defined contribution plan sponsor is to ensure that that there is no delay and participants’ salary deferral elections are correctly and timely deposited into the retirement plan. Not only is...more

Holland & Hart - The Benefits Dial

Every bond you break, every step you take, I’ll be watching you . . . Plan operational failures can also result in a fiduciary...

Holland & Hart - The Benefits Dial on

Plan sponsors are typically aware that operational errors threaten a retirement plan’s qualified status under the Internal Revenue Code if they remain uncorrected. What may come as a surprise, however, is that operational...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Just correct those errors

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

We all know that when we make a mistake, it’s best that we correct them. Yet too many plan sponsors take a gamble by not self-correcting errors made in their plan...more

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