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On November 21, 2022, the US Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released a proposed amendment and restatement of the Voluntary Fiduciary Correction Program (VFCP), along with a proposed amendment to the Prohibited Transaction Exemption (PTE) 2002-51.
The DOL also proposed conforming changes to the prohibited transaction class exemption, PTE 2002-51 , associated with the VFCP. The most significant change is the addition of a self-correction option for delinquent deposits of participant contributions and loan repayments.
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