Trust Updates Archive
(August 23, 2011 --Chicago, IL) -- Tomorrow, August 24, the U.S. Department of Labor (Employee Benefits Security Administration) will host a webcast for plan sponsors and service providers on its Voluntary Fiduciary Correction Program (VFCP).
The one and half hour webcast will start at 2 pm Eastern Standard Time.
The VFCP allows plans to identify and fully correct certain transactions such as prohibited purchases, sales and exchanges, improper loans, delinquent participant contributions, and improper plan expenses. The VFCP includes 19 specific transactions and their acceptable means of correction, eligibility requirements, and application procedures. If an eligible party documents the acceptable correction of a specified transaction and satisfies the terms of the program, EBSA will issue a no action letter.
To register for the webcast Click Here
The DOL/EBSA provides an Online Calculator program to assist applicants in calculating VFCP correction amounts owed. The program also provides additional information about eligible transactions.
For more on this topic, see the upcoming issue of Trust Regulatory News.
No statement in this issue is offered as or should be construed as legal opinion or advice or as an indicator of future performance.
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