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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, correction amounts, narratives explaining breaches and corrections, supporting documentation requirements, and a checklist to ensure completeness of the application.

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Click ‘Get Form’ to open the VFCP Model 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 Amounts for both Principal Amount and Lost Earnings/Restoration of Profit, including the respective dates paid.
Provide a detailed narrative explaining the breach, its correction, and any involved parties. Attach additional sheets if necessary.
Complete the Supplemental Information section with details about the Plan Sponsor, Plan Administrator, and any relevant contact information.
Review the VFCP Checklist to ensure all required documents and signatures are included before submission.

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What is pte 80/26?

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 is prohibited transaction exemption?

The prohibited transaction exemption (PTE) refers to a ruling by the US Department of Labor (DOL) based on specific facts and circumstances that a transaction is allowable under Employee Retirement Income Security Act (ERISA) regulations.

What is pte 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 PTE exemption?

PTE 80-26 provides an exemption from the restrictions of section 406(a)(1)(B) and (D) and section 406(b)(2) of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) and from the taxes imposed by section 4975(a) and (b) of the Internal Revenue Code of 1986 (the Code), by reason of section 4975(c)(1)(B)