US Department of Labor announces improvements to its Voluntary Fiduciary Correction Program
Changes help employers, plan officials comply with law, protect workers’ benefits WASHINGTON – The U.S. Department of Labor announced that its Employee Benefits Security Administration today announced updates to its Voluntary Fiduciary Correction Program providing employers and other plan officials with more efficient ways to voluntarily correct compliance issues in retirement, health and other employee benefit plans. The most si gnificant change is a self-correction tool that employers and other plan officials can use to remedy delays in sending participant contributions, such as employee payroll deductions, and participant loan repayments to retirement plans . Employers and other plan officials can also fix mistakes related to participant loans from retirement plans, as provided by the SECURE 2.0 Act. “The Employee Benefits Security Administration is pleased to provide these improvements to our Voluntary Fiduciary Correction Program so that employe...