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ARTICLE · 06 DECEMBER 2022

DOL Suggests Changes To Its Voluntary Fiduciary Correction Program And Related Exemption

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November 18, 2022, the Department of Labor ("DOL") released a number of changes to its Voluntary Fiduciary Correction Program ("VFCP") in both an update of VFCP and related guidance.

United StatesEmployment and HR
Ellen Goodwin
Ellen Goodwin
Allison Itami
Allison Itami
Michael Kreps
Michael Kreps
Jason Lee
Jason Lee
David Levine
David Levine
George Sepsakos
George Sepsakos
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November 18, 2022, the Department of Labor ("DOL") released a number of changes to its Voluntary Fiduciary Correction Program ("VFCP") in both an update of VFCP and related guidance.

VFCP is a comprehensive fiduciary correction program designed to help plans, their fiduciaries, and service providers avoid civil enforcement and penalties through proactive corrective steps. VFCP provides an opportunity to obtain no-action relief from the DOL as to specified types of transactions that may constitute a fiduciary breach or a prohibited transaction, under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). In addition, for a sub-set of VFCP-covered transactions, a related Prohibited Transaction Class Exemption ("PTE") 2002-51 provides a rare opportunity to obtain retroactive excise tax relief.

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