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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.