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Internal Revenue Service Self-Correction Programs Fiduciary Duty

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

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

Seyfarth Shaw LLP

The DOL May Not Actually Want to Hear From You: New Guidance Streamlining the Voluntary Fiduciary Correction Program

Seyfarth Shaw LLP on

The DOL updated its voluntary fiduciary correction program (“VFCP”) which was introduced over 20 years ago to allow plan sponsors to corrected enumerated fiduciary breaches. The amended VFCP now allows for self-correction of...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

DOL Releases Final Rule for Self-Correction Under the Voluntary Fiduciary Compliance Program

On January 14, 2025, the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released its long-awaited final rules regarding changes to the Voluntary Fiduciary Compliance Program (VFCP). The new...more

McDermott Will & Schulte

DOL Proposes Significant Changes to VFCP Program

McDermott Will & Schulte on

On November 21, 2022, the US Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released a proposed amendment and restatement of the Voluntary Fiduciary Correction Program (VFCP), along with a...more

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