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DOL Proposes Changes to the Voluntary Fiduciary Correction Program (VFCP) and Related Prohibited Transaction Exemption
Thomson Reuters Practical Law Link to more items from this source
[Guidance Overview]
Nov. 23, 2022

"EBSA is proposing numerous changes to the VFCP in an effort to streamline the program and encourage plan fiduciaries to correct breaches and reimburse plan losses.... EBSA reiterated that all welfare and pension plans may use the VFCP if they have a fiduciary breach for which there is an eligible transaction. The proposals would make only minor changes to the eligible transactions for welfare plans -- one of which involves delinquent participant contributions to an insured health plan."

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