A question that almost always arises when we consult on correcting retirement plan errors is, “Can we use the DOL (Department of Labor) calculator to determine earnings?” Compared to.
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.
Correcting your plan’s late deposit of salary deferrals by depositing them and making a contribution to make up for lost earnings in your 401(k) plan isn’t enough.