Data / Federal rules / 2025-00327

Voluntary Fiduciary Correction Program

The Employee Benefits Security Administration published this final rule in the Federal Register on January 15, 2025. It took effect on March 17, 2025.

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What the agency says

This document contains an amended and restated Voluntary Fiduciary Correction Program (VFC Program or Program) under title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The VFC Program is designed to encourage correction of fiduciary breaches and compliance with the law by permitting persons to avoid potential Department of Labor civil enforcement actions and civil penalties if they voluntarily correct eligible transactions in a manner that meets the requirements of the Program. The amendments to the Program simplify and expand the VFC Program to make the Program easier to use and more useful for employers and others who wish to avail themselves of the relief provided. Specifically, the Program amendments add a self-correction feature for delinquent transmittal of participant contributions and loan repayments to a pension plan under certain circumstances; clarify some existing transactions eligible for correction under the Program; expand the scope of other transactions currently eligible for correction; and simplify certain administrative or procedural requirements for participation in and correction of transactions under the VFC Program. In addition, the amendments implement section 305(b)(2) and (3) of the SECURE 2.0 Act of 2022 (SECURE 2.0 Act) by adding a self-correction feature for certain participant loan failures self-corrected under the Internal Revenue Service's Employee Plans Compliance Resolution System (as described in Rev. Proc. 2021-30, or any successor guidance) (IRS's EPCRS).

Key facts

Document number

2025-00327

Type

Final rule

Action

Notification of adoption of Updated Voluntary Fiduciary Correction Program

Agency

Labor Department; Employee Benefits Security Administration

Published

January 15, 2025

Takes effect

March 17, 2025

Dates

The amendments to the VFC Program contained in this document are effective on March 17, 2025.

Regulation ID (RIN)

1210-AB64

Code of Federal Regulations

29 CFR 2560; 29 CFR 2570

Significant

Yes, under Executive Order 12866

Pages

40

The document on federalregister.gov PDF

Other documents from the Employee Benefits Security Administration

Everything from the Employee Benefits Security Administration · Published in January 2025

Read from the Federal Register API, last updated 2026-10-23. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.