DOL Publishes New VFCP Model Participant Notice
The Department of Labor on March 18 issued a model notice for applicants to the Voluntary Fiduciary Correction Program to use in letting plan participants know that the plan has applied to use the program. The Department of Labor (DOL) on March 18 issued a model notice for applicants to the Voluntary Fiduciary Correction Program (VFCP) to use in letting plan participants know that the plan has applied to use the program. The DOL notes that the model notice is only intended for applicants to use. It is not intended for those employing self-correction to use in order to fix errors. The DOL’s Employee Benefits Security Administration (EBSA) estimates that it will take plan administrators an average of approximately one hour to complete the notice. The model notice comes after EBSA released its final rule this past January regarding changes to the VFCP. The changes were initially proposed in November 2022. The VFCP allows fiduciaries to send certain administrative errors ...