On March 28, 2002 the U.S. Department of Labor adopted its Voluntary Fiduciary Correction Program (VFCP) on a permanent rather than an interim basis in order to encourage the voluntary and timely correction of fiduciary breaches of Part 4 of Title I of the Employee Retirement Income Security Act of 1974 (ERISA). At the same time, the department modified its Delinquent Filer Voluntary Compliance Program (DFVCP) to further facilitate and encourage voluntary compliance with the annual reporting requirement under Title I of ERISA. The VFCP became effective April 29, 2002 while the DFVCP, because it included lower civil penalty assessments, was put into effect upon publication in the Federal Register on March 28, 2002.
Voluntary Fiduciary Correction Program
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