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DOL Publishes Updated Voluntary Fiduciary Correction Program and PT Exemption (PDF)
Groom Law GroupLink to more items from this source
Apr. 27, 2006
Excerpt: The VFC Program now explicitly provides relief from civil penalties imposed under ERISA section 502(i). ERISA section 502(i) permits the DOL to assess a civil penalty on prohibited transactions in connection with welfare plans and nonqualified pension plans.... Although the 502(i) penalty is infrequently imposed, relief from the penalty is at least a tangible benefit for welfare plan fiduciaries of correction through the VFC Program.

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