News & Analysis as of

Voluntary Correction Program Employee Retirement Income Security Act (ERISA) 401k

Locke Lord LLP

Proposed Changes to Voluntary Fiduciary Correction Program (VFCP): DOL Adds Self-‎Correction for Late Deposits of 401(k)...

Locke Lord LLP on

In November 2022, the U.S. Department of Labor (DOL) proposed changes to its Voluntary Fiduciary Correction Program (VFCP). VFCP allows plan sponsors to voluntarily correct certain fiduciary breaches to avoid civil...more

Holland & Hart - The Benefits Dial

Every bond you break, every step you take, I’ll be watching you . . . Plan operational failures can also result in a fiduciary...

Plan sponsors are typically aware that operational errors threaten a retirement plan’s qualified status under the Internal Revenue Code if they remain uncorrected. What may come as a surprise, however, is that operational...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

When I don’t get the gig

When I’m contacted by a plan sponsor needs help, I usually quote a flat fee and 9 out of 10 times, I’ll get the client. Price is rarely the reason why a potential client won’t hire me. Here is usually one reason why I don’t...more

Fisher Phillips

Is There An Elephant In The Room?

Fisher Phillips on

401(k) Plan documents can read like Russian novels. They are often long and difficult to understand, so it’s no surprise that administrative errors in operating such plans happen frequently. Common errors include omitting or...more

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