Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
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DOL Updates Voluntary Fiduciary Correction Program and Adds Self-Correction Features
The updates simplify and expand VFCP to make it easier to use and more useful for employers and others who access of the relief provided.
The amendments add a self-correction feature for:
- Delinquent transmittal of participant contributions and loan repayments to a pension plan under certain circumstances
- Certain participant loan failures self-corrected under the IRS Employee Plans Compliance Resolution System (included in the SECURE 2.0 Act of 2022).
- Clarify some existing transactions eligible for correction under the program
- Expand the scope of other transactions currently eligible for correction
- Simplify certain administrative or procedural requirements for participation in and correction of transactions under the program.
In connection with VFCP updates, DOL released an amendment to the Prohibited Transaction Exemption 2002-51 to Permit Certain Transactions Identified in the Voluntary Fiduciary Correction Program.
Additional Information
The amendments are effective March 17, 2025.