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DOL Publishes Final Class Exemption Under Voluntary Fiduciary Compliance Program
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
Nov. 25, 2002
Excerpt: The final exemption provides [excise tax] relief ... for four transactions covered by the VFC Program.... The transactions include: Late transmittal of employee contributions and participant loan repayments to plans; Loans between plans and related parties at fair market interest rates; Purchases or sales of assets between plans and related parties at fair market value; The sale and leaseback of property between plans and employers for fair market value and fair market rental value.
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