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Vfcp model application 2025

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The document is a VFCP Model Application Form provided by the U.S. Department of Labor's Employee Benefits Security Administration. It outlines the required format and necessary information for submitting an application under the Voluntary Fiduciary Correction Program (VFCP) to correct breaches of fiduciary responsibility related to employee benefit plans. The form includes sections for applicant details, corrected transactions, narrative explanations, calculations, supporting documentation, and a checklist to ensure completeness of the application.

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How does the VFCP calculator work?

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.

What is the VFCP program?

The Voluntary Fiduciary Correction Program (VFCP) encourages voluntary compliance by self-correcting violations of the law.

What is the final rule for DOL?

Beginning July 1, 2024, the final rule called for an increase in the threshold for bona fide executive, administrative, and professional employees to $43,888 per year. The final rule also raised the annual compensation threshold for highly compensated employees to $132,964 per year.

What is the prohibited transaction exemption 2002 51?

PTE 2002-51 is a related class exemption that allows excise tax relief from excise taxes imposed by the Internal Revenue Code of 1986, as amended, for certain eligible transactions corrected pursuant to the VFC Program.

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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