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DOL EBSA Voluntary Fiduciary Correction (VFC) Program Update

Posted by Marc S. Schechter | Jan 14, 2025

The Department of Labor's Employee Benefits Security Administration (EBSA) has updated the Voluntary Fiduciary Correction (VFC) Program under ERISA. Key changes include the addition of self-correction options for certain fiduciary breaches, expanded eligibility for transaction corrections, and simplified administrative requirements. The revisions aim to streamline compliance, encourage voluntary corrections, and reduce enforcement costs while maintaining protections for plans and participants. These updates align with provisions of the SECURE 2.0 Act and will take effect 60 days after publication in the Federal Register. Full details are available here.

About the Author

Marc S. Schechter

Marc Schechter specializes in the areas of employee benefits, ERISA, and business matters.

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