This article is intended to share with you a recent change to the Department of Labor’s (“DOL”) enforcement procedures regarding the late remittance of participant elective deferrals by plan sponsors. Unfortunately, the DOL appears to have adopted a more aggressive and threatening approach with regard to plan sponsors who attempt to correct such failures without pursuing “pristine” correction under the DOL’s “Voluntary Fiduciary Correction Program” (“VFCP”). The following explains this issue, its history and what plan sponsors should be prepared to experience in connection with these matters going forward.
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