News & Analysis as of

Internal Revenue Service Retirement Plan Voluntary Fiduciary Compliance Program (VFCP)

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Kelley Drye & Warren LLP

Simplified Option for Correcting Certain Retirement Plan Failures

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

Proskauer - Employee Benefits & Executive...

DOL Proposes Self-Correction Option and Other Changes to Voluntary Fiduciary Correction Program

The U.S. Department of Labor (the “DOL”) proposed changes to its Voluntary Fiduciary Correction Program (the “VFCP”) in November for the first time since 2006. The most significant change is the addition of a self-correction...more

Houston Harbaugh, P.C.

Late Deposits of 401(k) Contributions: New DOL Procedures to Allow for “Self-Correction”

Houston Harbaugh, P.C. on

Under federal law, amounts withheld from employee paychecks as 401(k) plan contributions are required to be promptly deposited into the trust under the plan. Failure to do so requires correction by the employer and can also...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Those answers on that 5500, you may hear from the government

The purpose of an audit of Form 5500 is to make sure that plan sponsors voluntarily comply with the Internal Revenue Code and ERISA. Sometimes, an Internal Revenue Service (IRS) or Department of Labor (DOL) audit is done...more

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