The American Society of Pension Professionals & Actuaries filed a letter with the U.S. Department of Labor asking that it modify the Voluntary Fiduciary Correction Program as it applies to late deposits of elective deferrals under the Employee Retirement Income Security Act.

ERISA requires elective deferrals and loan repayments to be paid to a plan as soon as administratively feasible. However, DOL has recognized that well-meaning plan sponsors may occasionally fail to meet this requirement and permits the correction of these types of mistakes through the voluntary program.

ASPPA has been a strong supporter of the correction program since its inception, but believes it would be greatly improved by the addition of a self-correction component that, under certain circumstances, would allow employers to self-correct the late deposit of elective deferrals. Plan sponsors, plan participants and DOL would all significantly benefit by permitting this approach, said Craig Hoffman, ASPPA's general counsel and director of regulatory affairs, in a statement.