Voluntary Fiduciary Correction Program (Vfcp) - Hall Benefits 2021-2024

Voluntary Fiduciary Correction Program (Vfcp) - Hall Benefits: What You Should Know

Adopts a revised Voluntary Fiduciary Correction Program that takes into account the recent ERICA  Rationale, Changes to the Voluntary Fiduciary Correction Program,  19 Feb 2024 — AGENCY: Employee Benefits Security Administration, DOL. ACTION: Adoption of  Current Voluntary Fiduciary Correction Program, Updated Guidelines. SUMMARY:  This Notice adopts the current Voluntary Fiduciary Correction Program for Plan Participation  (the “Program”) adopted by the Secretary, and replaces Guidance dated March 28, 2008, which  was issued solely on a guidance basis. Because those Guidance changes were not a  material change to the Program, the Secretary has revised the previous Guidance. The revised  Voluntary Fiduciary Correction Program may be used by participants in an ERICA Plan,  and by the sponsor of an ERICA Plan with respect to which the Secretary has issued  Administrative Correction Orders.  21 Apr 2024 — AGENCY: Department of Labor, Bureau of Labor Statistics, U.S. Department of  Labor. ACTION: Voluntary Fiduciary Correction Program Notice. SUMMARY: This Notice  Adopted the revised Voluntary Fiduciary Correction Program (the “Program”) that  consists of two parts: the first part is a Notice containing the following information concerning the  Purpose, Scope, Definition of a Company, and the Second Part is Voluntary Correction  Program Notice Supplement. The Notice is designed to provide guidance, and  inform participants regarding the purpose, scope, and definition of the “Company,” and the manner  of filing for correction under Voluntary Fiduciary Correction Program. The Notice is  designed to make the process of correction more predictable and easier to use, and  to enhance the incentive of participants to cooperate. The Notice also  provides clarification concerning the process for correction of plan participation of  voluntarily-contracted plan participants. 13 Oct 2024 — AGENCY: DOL. ACTION: Adoption. SUMMARY: This Notice takes into account  many of the provisions of the Voluntary Fiduciary Correction Program that were previously  updated. It is intended to clarify some provisions.

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