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Retirement Plan › Voluntary Fiduciary Compliance Program (VFCP) › Department of Labor (DOL)

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

Holland & Knight LLP

2025 Revisions to the VFCP: Key Changes to Correction and Compliance Options

Holland & Knight LLP on

Historically, the IRS' Employee Plans Compliance Resolution System (EPCRS) has provided employers structured options for correcting retirement plan failures. Under this framework, certain operational errors qualified for...more

Jackson Lewis P.C.

Exciting Update: Self-Correction for Delinquent Contributions Now Possible Under the DOL’s VFCP

Jackson Lewis P.C. on

On January 14, 2025, the Employee Benefits Security Administration (EBSA) within the Department of Labor (DOL) updated its Voluntary Fiduciary Compliance Program (VFCP). The VFCP allows plan officials to correct certain...more

Husch Blackwell LLP

New Simplified DOL Rules for Self-Correcting Delinquent Contributions

Husch Blackwell LLP on

On January 14, 2025, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced significant updates to the VFCP. These changes, effective March 17, 2025, introduce a self-correction feature for...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

We may hear of VFCP changes soon

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

The Department of Labor (DOL) might be releasing changes to its Voluntary Fiduciary Correction Program (VFCP)....more

Proskauer - Employee Benefits & Executive...

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

Proskauer - Employee Benefits & Executive... on

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL proposes VFCP self-correction

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

The Department of Labor’s Employee Benefits Security Administration (EBSA) proposed updates to their Voluntary Fiduciary Compliance Program (VFCP), which would allow a self-correction component. The EBSA proposal includes a...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

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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

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

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

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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