Self-Correction Under the Updated Voluntary Fiduciary Correction Program

Trucker Huss

Join us for an informative session regarding the Department of Labor’s updated Voluntary Fiduciary Correction Program, featuring the new Self-Correction Component (SCC). Discover how fiduciary breaches related to late deposits of employee contributions and participant loan repayments, and other participant loan failures, can be corrected under the SCC.

This presentation will address the following: 

• An overview of the key changes to the Voluntary Fiduciary Correction Program
• Eligibility, procedures, and available relief under the SCC
• How to use SCC to correct fiduciary breaches attributable to late deposits of employee deferral contributions and participant loan repayments
• How to use SCC to correct participant loan failures that are self-corrected under the IRS’ Employee Plans Compliance Resolution System (EPCRS)
   

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