{"id":6542,"date":"2022-12-11T21:01:06","date_gmt":"2022-12-12T02:01:06","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=6542"},"modified":"2022-12-11T21:01:06","modified_gmt":"2022-12-12T02:01:06","slug":"dol-proposes-vfcp-self-correction","status":"publish","type":"post","link":"https:\/\/therosenbaumlawfirm.com\/blog\/?p=6542","title":{"rendered":"DOL proposes VFCP self-correction"},"content":{"rendered":"<p>The Department of Labor\u2019s Employee Benefits Security Administration (EBSA) proposed updates to their Voluntary Fiduciary Compliance Program (VFCP), which would allow a self-correction component.<\/p>\n<p>The EBSA proposal includes a new self-correction feature for certain failures to timely transmit participant contributions (and participant loan repayments) to pension plans.<\/p>\n<p>This feature will allow plan sponsors and to notify EBSA electronically that they have self-corrected certain failures to send participant contributions and loan repayments to pension plans on time. Self-correction could only be used if the following conditions are met:<\/p>\n<ul>\n<li>Participant contributions or loan repayments to the plan must be remitted no more than 180 calendar days from the date of withholding or receipt.<\/li>\n<li>Lost earnings must not exceed $1,000.<\/li>\n<li>The plan or self-corrector must not be under investigation.<\/li>\n<li>Self-correctors must use the program\u2019s online calculator to calculate lost earnings and an online web tool to complete and file the self-correction component notice.<\/li>\n<\/ul>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>The Department of Labor\u2019s Employee Benefits Security Administration (EBSA) proposed updates to their Voluntary Fiduciary Compliance Program (VFCP), which would allow a self-correction component. The EBSA proposal includes a new self-correction feature for certain failures to timely transmit participant contributions &hellip; <a href=\"https:\/\/therosenbaumlawfirm.com\/blog\/?p=6542\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6542"}],"collection":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6542"}],"version-history":[{"count":1,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6542\/revisions"}],"predecessor-version":[{"id":6543,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/6542\/revisions\/6543"}],"wp:attachment":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}