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ARTICLE · 21 JANUARY 2025

BREAKING: DOL Expands The Voluntary Fiduciary Correction Program

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Earlier today, the U.S. Department of Labor (DOL) published in the Federal Register an updated version of the Voluntary Fiduciary Correction Program (VFCP)...

United StatesEmployment and HR
Susan K. Bilbro
Susan K. Bilbro
Douglas W. Dahl II
Douglas W. Dahl II
William T. Gebo
William T. Gebo
Nicole S. Roth
Nicole S. Roth

Earlier today, the U.S. Department of Labor (DOL) published in the Federal Register an updated version of the Voluntary Fiduciary Correction Program (VFCP) under Title I of ERISA. Per the DOL, VFCP "is designed to encourage correction of fiduciary breaches and compliance with law by permitted persons to avoid potential [DOL] civil enforcement actions and civil penalties if they voluntarily correct" errors in accordance with the program. Notably, the update expands the current VFCP by adding a much-anticipated self-correction component for delinquent transmittal of participant contributions and loan repayments to retirement plans in specific circumstances.

Additionally, the updated VFCP provides a self-correction procedure for eligible inadvertent failures of participant loan transactions. Further, the DOL issued a corresponding amendment to Prohibited Transaction Exemption (PTE) 2002-51, which will provide excise tax relief for self-corrected delinquent

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