Vfcp application 2025

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The document is a VFCP Model Application Form from the U.S. Department of Labor's Employee Benefits Security Administration, designed to guide applicants in submitting their Voluntary Fiduciary Correction Program applications. It outlines required information, including applicant details, corrected transactions, narrative explanations of breaches and corrections, supporting documentation, and compliance with excise tax regulations. The form emphasizes the importance of including a VFCP Checklist and proof of payment while providing instructions for submission to the appropriate EBSA field office.

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Click ‘Get Form’ to open the VFCP application in the editor.
Begin by entering your Applicant Name and Address. Ensure that all names are listed separately if there are multiple applicants.
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 explaining the breach, its correction, and any calculations made. Attach additional sheets if necessary for clarity.
Complete the 'Supplemental Information' section with details about the Plan Sponsor, Plan Administrator, and any relevant contact information.
Finally, ensure that all required signatures are obtained on the 'Authorization Of Preparer' and 'Penalty of Perjury Statement' sections before submission.

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What is the VFCP calculator?

EBSA is providing this Voluntary Fiduciary Correction Program (VFCP) Online Calculator as a compliance assistance tool to facilitate accuracy, ensure consistency, and expedite review of applications. The Online Calculator assists applicants in calculating VFCP Correction Amounts owed to benefit plans.

What is the IRS voluntary correction program?

Voluntary Correction Program (VCP) - Permits a plan sponsor to, any time before audit, pay a fee and receive IRS approval for correction of plan failures. Audit Closing Agreement Program (Audit CAP) - Permits a plan sponsor to pay a sanction and correct a plan failure while the plan is under audit.

What is a voluntary compliance program?

The purpose of the VCP is to develop a community of compliance by enabling and incentivizing holders of unclaimed property, including first time filers, to come into compliance with Californias Unclaimed Property Law (Code of Civil Procedure [CCP] Section 1500 et. seq.) without examination or penalty.

How much is the voluntary correction program fee?

The VCP user fee is typically based on the amount of assets in the plan, ranging from $1,500 to $3,500. Alternative fees apply to Group VCP submissions, submissions involving terminating orphan plans and IRC 457(b) plans.

What is the final rule of VFCP?

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.

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What is a VFCP filing?

Employee Benefits Security Administration. Updated January 2025. Voluntary Fiduciary Correction Program. 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 the voluntary correction program?

The Voluntary Fiduciary Correction Program (VFCP) is a voluntary enforcement program that allows plan officials to identify and fully correct certain transactions such as prohibited purchases, sales, and exchanges; improper loans; delinquent participant contributions; and improper plan expenses.

What is the voluntary fiduciary correction program?

The VFC Program is designed to encourage correction of fiduciary breaches and compliance with the law by permitting persons to avoid potential Department of Labor civil enforcement actions and civil penalties if they voluntarily correct eligible transactions in a manner that meets the requirements of the Program.