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Retirement Plan › Voluntary Correction Program › Compliance

Snell & Wilmer

Five Things to Know about the DOL’s New VFCP Self-Correction Feature Taking Effect Next Week

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By Amberlee Lapointe On January 14, 2025, the DOL’s Employee Benefits Security Administration (“EBSA”) released updates to its Voluntary Fiduciary Correction Program (“VFCP”), along with a News Release and Fact Sheet...more

Bricker Graydon LLP

Self-Correction of Late Deferrals Will Soon be Permissible (Sometimes)

Bricker Graydon LLP on

The U.S. Department of Labor (DOL) issued a revised Voluntary Fiduciary Compliance Program (VFCP), a long-awaited update by many in the industry. The most significant change is the introduction of a self-correction component,...more

BCLP

NOW is the Time to Review and Correct Retirement Plan Compliance: IRS Notice 2023-43

BCLP on

There has never been a better time for plan sponsors to prioritize reviewing and self-correcting eligible plan failures. SECURE 2.0, attached to the 2022 year-end Consolidated Appropriations Act, expands retirement savings...more

Foley & Lardner LLP

401(k) Compliance Check #6: Have You Recently Checked Your 401(k) Plan’s Definition of Compensation for Deferral and Match...

Foley & Lardner LLP on

In last month’s Compliance Check, we discussed how to handle a situation where the 401(k) plan administrator is unable to reach a plan participant, i.e., a “missing participant.” In this month’s Compliance Check, we focus on...more

Woods Rogers

IRS Announces Another Compliance (Audit) Pilot Program. Oh joy!

Woods Rogers on

In the June 3, 2022, issue of the IRS Employee Plans News, the IRS Employee Plans group announced it is piloting a pre-examination retirement plan compliance program beginning in June 2022. Under this program, the IRS will...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

New and Improved Retirement Plan Correction Program Includes Crucial 403(b) Relief

Ogletree, Deakins, Nash, Smoak & Stewart,... on

On December 31, 2012, as Times Square in New York was getting ready to drop the crystal ball, the Internal Revenue Service (IRS) dropped long-awaited guidance regarding retirement plan corrections in the form of Revenue...more

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