The Department of Labor announced that its Employee Benefits Security Administration has updated its Voluntary Fiduciary Compliance Program, allowing employers more efficient ways to voluntarily correct compliance issues in retirement, health, and other employee benefit plans.
The biggest change is allowing a self-correction tool that employers can use to fix delays in salary deferral contributions, 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.
These updates take effect on March 17, 2025. Having done so many of these VFCP applications.
