US Regulator Issues Retirement Plan Self-Correction Disclosures

The US Labor Department is offering workplace retirement plans a streamlined method for informing participants and beneficiaries about self-corrected plan errors.

DOL’s Employee Benefits Security Administration issued a model notice Tuesday that plans can use to comply with reporting requirements under the Voluntary Fiduciary Correction Program.

EBSA amended the VFCP program earlier this year to allow plans to fix delayed contributions and mistaken participant loans on their own without triggering a formal application process.

The model notice outlines what information plans have to disclose to their participants and beneficiaries to qualify for the class exemption to certain excise taxes they …