PODCAST: Williams Mullen's Benefits Companion - SECURE 2.0 Act Relief for Plan Corrections
Twenty (20!) years after it last issued guidance, the DOL’s Employee Benefits Security Administration has finally released an updated Voluntary Fiduciary Correction Program (VFCP). VFCP is a program that permits retirement...more
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
It is the first week of summer, even though in Ohio the smoldering heat has made it feel like summer for weeks now. Summer reminds many of us of pool days, eating watermelon and corn on the cob, Fourth of July fireworks, and...more
One of the most basic duties of a defined contribution plan sponsor is to ensure that that there is no delay and participants’ salary deferral elections are correctly and timely deposited into the retirement plan. Not only is...more
We want to share with you some recent informal developments from the Internal Revenue Service that could be concerning for sponsors of retirement plans. VCP Rumors – A report recently emerged that the IRS is considering a...more
The road to hell is paved with good intentions and that’s how I feel when it comes sometimes to what a 401(k) plan sponsor does. Yet, there is an error that too many 401(k) plan sponsors do that the Department of Labor (DOL)...more