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DOL/EBSA

RIN: 1210-AB03

Publication ID: Spring 2006

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: Other Significant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: 29 CFR 2560
Legal Authority: 29 USC 1132 29 USC 1134

Legal Deadline: None

Timetable:

Action	Date	FR Cite
Final Action	04/00/2006

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Small Entities Affected: Businesses	Federalism: No
Included in the Regulatory Plan: No
Initial (Administrative Startup and /or Capital) Cost: $0	Yearly (Annual Operating) Cost: $210,000
Base Year of the Dollar Estimates: 2006	RIN Data Printed in the FR: 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