Voluntary Fiduciary Correction Program

[J. Bringhurst]

We are considering submitting an application on behalf of a client under the DOL Voluntary Fiduciary Correction Program for the purchase of an asset by a plan from a party in interest. As a result of this filing, we will be able to take advantage of PTE 2002-51 and avoid the payment of the excise tax under Code section 4975.

We have never taken advantage of VFCP before and are wondering about the experiences others have had with the program. If you have ever filed under VFCP and wouldn't mind sharing your experience (i.e., type of breach, correction, experience with DOL, etc.), please respond to this posting. Thank you!