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Fiduciary › Department of Labor (DOL) › Self-Correction Programs

Venable LLP

Self-Correction Now Available for Delinquent Participant Contributions and Loan Failures

Venable LLP on

The DOL recently updated the Voluntary Fiduciary Correction Program (VFCP). The VFCP encourages employers to voluntarily correct certain violations of ERISA to avoid DOL civil enforcement penalties....more

Groom Law Group, Chartered

DOL Suggests Changes to Its Voluntary Fiduciary Correction Program and Related Exemption

Groom Law Group, Chartered on

November 18, 2022, the Department of Labor (“DOL”) released a number of changes to its Voluntary Fiduciary Correction Program (“VFCP”) in both an update of VFCP and related guidance....more

Miller Canfield

Proposed Changes to DOL Program Would Allow Plan Fiduciaries to Self-Correct Certain Errors

Miller Canfield on

​​​​​​​A proposed rule released last week would amend the U.S. Department of Labor's Voluntary Fiduciary Correction Program ("VFCP") to allow for self-correction by plan fiduciaries in certain circumstances. The VFCP allows...more

Faegre Drinker Biddle & Reath LLP

What Broker-Dealers Need to Know About Correcting PTE 2020-02 Mistakes

Faegre Drinker Biddle & Reath LLP on

The DOL expanded its interpretation of fiduciary advice in the Preamble to PTE 2020-02 and as a result, many more broker-dealers and their registered representatives (investment professionals) are fiduciaries for their...more

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