401(K) Dol's Voluntary Fiduciary Correction Program (Vfcp) 2021-2024

401(K) Dol's Voluntary Fiduciary Correction Program (Vfcp): What You Should Know

ERICA) compliant retirement plans to take action to correct lapsed violations prior to February 1, 2018. See what is a 401(k) plan census report by clicking on its title. Note: All the following links are of documents and documents that were  uploaded by the 401(k) DOL as part of the initial filing process for participants for the 2024 tax year. The following links contain additional documents and documents that were  uploaded by the 401(k) DOL later after the filing deadline for participants for the 2024 tax year. The following links contain various internal 401(k) guidance documents that can be found in the  administrative offices of 401(k) plans. These documents have important tax implications. The U.S. Treasury will continue to investigate any voluntary fiduciary enforcement action that a 401(k) plan may seek to take against the plan administrator if the plan does not comply with the guidance documents identified below. The FCP was developed as a means of helping participants to improve their plan's compliance by reducing non-compliance with ERICA and other applicable laws. The current version of the DOL FCP has been in effect since March 19, 2017, and is part of the current effort from the FI PPA (Fiduciary Rule) working group to update the guidance and implementation guideposts for 401(k) plans and other defined contribution plans that are ERICA compliant (including the “core” 401(k) Plan). What are the FCP Guidance Documents and the FCP Tool What is a 401(k) Plan Census Report? The 401(k) Plan Census report is a list of 401(k) plans that, over a two-year period, filed and were pending FCP reports for each plan, for each year, as reported to the FCA.  The FCP Census Report is an annual report by the US Treasury to USP IRG (formerly the Fiduciary Protection and Investor Protection Office) on how many FCS have been filed by 401(k) plans (for both 403(b) and/or SEP retirement plans). As part of the 2016-17 FI PPA (Fiduciary Rule) Working Group process to update the tax law governing ERICA compliant retirement plans, the FPC has created a list of FCP reports as currently filed in the FI PPA office.

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