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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,...
Last Friday Congress passed its year-end omnibus spending bill avoiding a wide-spread government shutdown
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...