Get Dol Vfcp Application

2021-30, section 10.10. The initial fee is $10,000. An additional fee is due equal to $250 for each plan affected in excess of 20 plans.

It is also important to note that there is no application fee to file through the VFCP.

The Voluntary Fiduciary Correction Program (VFCP) is a voluntary enforcement program that allows plan officials to identify and fully correct certain transactions such as prohibited purchases, sales and exchanges; improper loans; delinquent participant contributions; and improper plan expenses.

HOW DO I APPLY FOR VFCP? To apply for VFCP, plan sponsors must submit a formal application to the appropriate regional office of the Employee Benefit Security Administration (“EBSA”), a division of the DOL.

2021-30, section 10.10. The initial fee is $10,000. An additional fee is due equal to $250 for each plan affected in excess of 20 plans.

Do I have to participate in the VFCP? No one is required to file an application under the VFCP to correct a violation. Participation is voluntary. Of course, you must take appropriate actions to correct the violation even if you don't submit an application.

The VFCP is a voluntary enforcement program that encourages the correction of possible violations of Title I of the Employee Retirement Income Security Act (ERISA). ERISA is the federal law that covers most employee benefit plans in the private sector.

HOW DO I APPLY FOR VFCP? To apply for VFCP, plan sponsors must submit a formal application to the appropriate regional office of the Employee Benefit Security Administration (“EBSA”), a division of the DOL.