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As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments. ....
As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments,. ....
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 proposed amendment to the Prohibited Transaction Exemption PTE 2002-51. ....
The Department of Labor recently proposed updates to its Voluntary Fiduciary Correction Program (VFCP), which would allow fiduciaries the opportunity to self-correct certain matters including late deposits to a 401(k) plan. In general, the VFCP allows plan fiduciaries to correct prohibited transactions and fiduciary breaches without incurring a civil penalty by voluntarily filing a correction application with the DOL, restoring any losses to the benefit plan with earnings, and paying applicable excise taxes for any prohibited transactions. This program currently requires you to submit a formal application with the DOL to qualify for the relief. Perhaps in a nod to the scores of employers choosing not to utilize the formal correction process for late deposit errors because of the time and expense involved in preparing the application, the DOL for the first time proposed on November 18 to allow such corrections to be made on a self-correction basis with the full relief of the program, bu ....