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DOL/EBSA | RIN: 1210-AB03 | Publication ID: Fall 2004 |
Title: ●Voluntary Fiduciary Correction Program | |
Abstract: To encourage and facilitate voluntary correction of certain breaches by employee benefit plan fiduciaries of their obligations under title I of ERISA, EBSA previously implemented a Voluntary Fiduciary Correction Program (the Program). The Program relieves certain plan officials of the possibility of investigation and civil action by the Department and the imposition of civil penalties to the extent that plan officials satisfy the conditions for correcting breaches described in the Program. EBSA has decided to amend the Program by covering two additional transactions and by clarifying certain other operational requirements. EBSA will issue a restatement of the Program in its entirety and request public comment on the included amendments. EBSA believes that the restated Program will benefit workers by further encouraging the voluntary and timely correction of possible fiduciary breaches of part 4 of title I of ERISA. EBSA also anticipates that the restated Program will better assist plan officials in understanding the requirements of part 4 of title I of ERISA and their legal responsibilities in correcting fiduciary breaches. | |
Agency: Department of Labor(DOL) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: Undetermined | Unfunded Mandates: Undetermined |
CFR Citation: 29 CFR 2560 | |
Legal Authority: 29 USC 1132 29 USC 1134 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
Agency Contact: Louis J. Campagna Chief, Division of Fiduciary Interpretations Department of Labor Employee Benefits Security Administration 200 Constitution Avenue NW., FP Building, Room N-5655, Washington, DC 20210 Phone:202 693-8510 Fax:202 219-7291 |