Don’t be late – The Voluntary Fiduciary Correction Program can help

Description

Abstract: One of the most common ERISA violations is an employer’s failure to timely remit participant salary deferrals or participant loan repayments to a qualified plan. Fortunately, the Voluntary Fiduciary Correction Program (VFCP) provides employers with an easy way to self-correct such ERISA violations such as this. This article examines VFCP updates that make the program simpler to use and expand the types of correctable transactions.