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BACKGROUND AND SUMMARY In 2000 the Department of Labor DOL created the Voluntary Fiduciary Correction VFC Program* This program allows plan sponsors and fiduciaries to voluntarily correct certain fiduciary violations and avoid civil and criminal penalties. In 2002 the DOL made revisions to this program which included the addition of a prohibited transaction class exemption to provide excise tax relief for four specific transactions. In April 2005 the DOL s Employee Benefits Security Administ ...
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The most docHub proposed change to VFCP is the addition of a self-correction component (SCC) for plan sponsors who fail to timely transmit participant deferrals and loan repayments to retirement plans.
The Voluntary Fiduciary Correction Program (VFCP) gives plan sponsors and service providers the chance to self-correct fifteen specific financial transactions that violate ERISA, such as delinquent participant contributions.
If your retirement plan isnt currently being audited by the IRS, and you have mistakes with either the language in the plan document or how youve run your plan, you can apply to correct the mistakes under the Voluntary Correction Program (VCP):
PTE 2002-51 Provides relief from the sanctions imposed under Internal Revenue Code section 4975(a) and (b) for certain eligible transactions identified in the Departments Voluntary Fiduciary Correction Program.
Why did the U.S. Department of Labor create the VFCP? In part, we developed the VFCP in response to requests from the employee benefits community for a formal Program that would permit self-correction of fiduciary violations and reduce the risk of enforcement action.

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The Voluntary Fiduciary Correction Program (VFCP) gives plan sponsors and service providers the chance to self-correct fifteen specific financial transactions that violate ERISA, such as delinquent participant contributions.
EBSA has established a Voluntary Fiduciary Correction Program (VFCP) to encourage the correction of bdocHubes of fiduciary responsibility and the restoration of losses to the plan participants and beneficiaries.
The Online Calculator computes Lost Earnings and interest, if any. If the Principal Amount was used for a specific purpose such that a profit on the use of the Principal Amount is determinable, the Online Calculator also computes interest on the profit.

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State-Facilitated Retirement Savings Programs

by DE Morse Employers should not have administrative decision- making or fiduciary authority. Policymakers should consider both the existing DOL safe harbor and the

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CNO Financial Group, Inc.

Feb 21, 2017 In April 2016, the U.S. Department of Labor (DOL expands the range of activities considered to be fiduciary investment advice under the

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Prudential

Jan 14, 2016 Expand scope of the regulation to apply to all ERISA-covered employee benefit plans and, most importantly, retirement plans in which two or more

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