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The DOL's Employee Benefits Security Administration (EBSA) recently announced its intent to update its Voluntary Fiduciary Correction Program (VFCP) to create a new self-correction process for correcting late remittances of participant deferrals and loan repayments to defined contribution plans.
Currently, participation in the VFCP involves a formal filing with EBSA that requires plan sponsors to provide documentation and sign a penalty of perjury statement. As a result, many plan sponsors do not utilize the program. The new rules are designed to encourage greater participation in the VFCP. Instead of waiting for EBSA to approve a formal VFCP application, the new process would simply require plan sponsors to notify EBSA after the correction has been made.
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