Leaderboard

You wouldn't file VCP for a late deferral, but you would (or should) file VFCP

Voluntary Fiduciary Correction Program (VFCP) is a DOL self correction program for certain fiduciary violations: Delinquent Participant Contributions and Participant Loan Repayments to Pension Plans Delinquent Participant Contributions to Insured Welfare Plans Delinquent Participant Contributions to Welfare Plan Trusts Fair Market Interest Rate Loans to Parties in Interest Below Market Interest Rate Loans to Parties in Interest Below Market Interest Rate Loans to Non-Parties in Interest Below Market Interest Rate Loans Due to Delay in Perfecting Security Interest Participant Loans Failing to Comply with Plan Provisions for Amount, Duration, or Level Amortization Defaulted Participant Loans Purchase of Assets by Plans from Parties in Interest Sale of Assets by Plans to Parties in Interest Sale and Leaseback of Property to Sponsoring Employers Purchase of Assets from Non-Parties in Interest at More Than Fair Market Value Sale of Assets to Non-Parties in Interest at Less Than Fair Market Value Holding of an Illiquid Asset Previously Purchased by Plan Benefit Payments Based on Improper Valuation of Plan Assets Payment of Duplicate, Excessive, or Unnecessary Compensation Improper Payment of Expenses by Plan Payment of Dual Compensation to Plan Fiduciaries Voluntary Correction Program (VCP) is part of the IRS Employee Plans Compliance Resolution System (EPCRS) for correcting plan errors such as Maintaining a valid, up-to-date plan document. Following the terms of the plan document while operating the plan. Complying with federal tax law requirements while operating the plan.