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DOL Expands and Simplifies Voluntary Fiduciary - Prudential

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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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What are the changes to VFCP?

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.

What is the VFCP benefit plan?

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.

What is the Voluntary Correction Program?

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):

What is the PTE 2002 51 exemption?

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 Department of Labor create the Voluntary fiduciary Correction Program VFCP )?

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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