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Retirement Plan › Self-Correction Programs › Compliance

Kelley Drye & Warren LLP

Simplified Option for Correcting Certain Retirement Plan Failures

Kelley Drye & Warren LLP on

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

Foster Swift Collins & Smith

IRS Expands Self-Correction Program: What Plan Sponsors Need to Know About the Interim Guidance

Foster Swift Collins & Smith on

The IRS has made it easier for retirement plan sponsors to fix common plan mistakes without going through a formal filing process. Under interim guidance in Notice 2023-43, sponsors can now correct a broader range of errors...more

Proskauer - Employee Benefits & Executive...

New “Self-Correction” Option for Voluntary Fiduciary Correction Starts March 17, 2025

Proskauer - Employee Benefits & Executive... on

Starting March 17, 2025, the Employee Benefits Security Administration’s Voluntary Fiduciary Correction Program (“VFCP”) will have a “self-correction” option. Although the new option eliminates the need to wait for formal...more

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