Vfcp form 2025

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The document is an application form for the Voluntary Fiduciary Correction Program (VFCP) provided by the U.S. Department of Labor's Employee Benefits Security Administration. It outlines the necessary steps and required information for individuals or entities seeking to correct breaches of fiduciary responsibility related to employee benefit plans. The form includes sections for applicant details, corrected transactions, correction amounts, narratives explaining breaches and corrections, and supporting documentation requirements.

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Click ‘Get Form’ to open the vfcp form in the editor.
Begin by entering your Applicant Name and Address. Ensure that all names and addresses are accurate to avoid processing delays.
In the 'Transactions Corrected' section, check all applicable transactions you have corrected. This is crucial for clarity in your application.
Fill in the 'Correction Amount' fields, including Principal Amount and Lost Earnings/Restoration of Profit, along with their respective dates paid.
Provide a detailed narrative in the 'Narrative And Calculations' section explaining the breach, how it was corrected, and any calculations made. Attach additional sheets if necessary.
Complete the 'Supplemental Information' section with details about your Plan Sponsor, Plan Administrator, and any authorized representatives.
Finally, ensure that all required signatures are obtained in the 'Authorization Of Preparer' and 'Penalty of Perjury Statement' sections before submitting your application.

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Who is eligible for the VFCP?

The Voluntary Fiduciary Correction Program (VFCP) encourages employers and plan officials to voluntarily correct violations of the Employee Retirement Income Security Act (ERISA).

What is VCFp?

The VFCP rules allow plan sponsors to self-correct late deposits of participant contributions and loan repayments without filing a formal application. The DOL also amended Prohibited Transaction Exemption 2002-51 to extend excise tax relief to self-corrections of participants and loan repayment features.

What does the VFCP stand for?

Eligibility to Participate in the VFCP. Anyone who may be liable for fiduciary violations under ERISA, including employee benefit plan sponsors, officials, and parties in interest, may voluntarily apply for relief from enforcement actions provided they meet the criteria and follow the procedures outlined in the VFCP.

What is the full form of VFCP?

The Voluntary Fiduciary Correction Program (VFCP) is a helpful resource for employers and plan officials to voluntarily correct violations of the Employee Retirement Income Security Act (ERISA).

What is the DOL calculator?

The DOLs Online Calculator is used to determine lost earnings. A Self Correction Component (SCC) notice with required information is filed online with the Employee Benefits Security Administration (EBSA).