On November 21, the Department of Labor published in the Federal Register a proposed rule updating its Voluntary Fiduciary Correction Program (VFCP). Notably, the proposal restates the entire VFCP program and also includes certain self-correction components related to participant contributions and loan repayments. A related proposed prohibited transaction exemption was concurrently published. Stakeholders have until January 20, 2023 to formulate comments on the proposals.
Please join us as Peter Hunt and Christy Richardson from Pillsbury Winthrop Shaw Pittman LLP on Tuesday, December 6 at 2 PM EST summarize the program and the proposal’s implications for retirement plan sponsors.