News & Analysis as of

Retirement Plan Self-Correction Programs Recordkeeping Requirements

Jackson Lewis P.C.

Exciting Update: Self-Correction for Delinquent Contributions Now Possible Under the DOL’s VFCP

Jackson Lewis P.C. on

On January 14, 2025, the Employee Benefits Security Administration (EBSA) within the Department of Labor (DOL) updated its Voluntary Fiduciary Compliance Program (VFCP). The VFCP allows plan officials to correct certain...more

Seyfarth Shaw LLP

DOL Issues New Guidance Streamlining the Voluntary Fiduciary Correction Program

Seyfarth Shaw LLP on

The Department of Labor (DOL) has issued a much awaited amendment to its Voluntary Fiduciary Correction Program (VFC Program). Notably, the amendment adds a self-correction feature for the delinquent transmittal of...more

McGuireWoods LLP

IRS Issues Interim Guidance Under Expanded EPCRS

McGuireWoods LLP on

Recently, the IRS released Notice 2023-43, providing interim guidance on Section 305 of the SECURE 2.0 Act of 2022, which expanded the Employee Plans Compliance Resolution System (EPCRS), the system through which plan...more

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