Page 7 - Correction Program News Today

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...

More than $500 million of the recoveries returned to defined benefit plan participants.

The DOL proposed changes to Voluntary Fiduciary Correction Program for the first time since 2006. A significant change is a self correction option for delinquent deposits of participant contributions and loan repayments. The DOL is accepting comments through January 20, 2023.

The amount is less than half of what it was 2020, when it started to decline.

The amount recovered from enforcement actions by the DOL's Employee Benefits Security Administration decreased for the second consecutive year.

DOL Publishes Final ESG Rule. The back and forth associated with the developing rules for environmental, social, and governance (“ESG”) investments by ERISA plans has reached a new...

On October 21st, the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans ("403(b) plans").

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...

On October 21st, the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered...

The IRS changed its qualified plan determination letter program which now includes section 403b tax sheltered annuity plans. The IRS released a determination letter program for individually designed 403b plans which addresses the risk of an audit revealing a disqualifying error.