Why did the U.S. Department of Labor create the VFCP?
In part, we developed the VFCP in response to requests from the employee benefits community for a formal Program that would permit self-correction of fiduciary violations and reduce the risk of enforcement action. Most of EBSA’s investigations are resolved by fiduciaries taking corrective action after EBSA identifies violations. We recognized that as the private benefit system evolves, there is a need for innovation in voluntary compliance. The VFCP informs plan fiduciaries about their ability to make complete and fully acceptable corrections without discussion or negotiation with EBSA.
Related Questions
- What agencies under the Department of Homeland Security are working together to create the US-VISIT Program? What other Departments or agencies are working with DHS?
- What happens if I am doing work or offering to do work as a contractor but have not registered with the Department of Labor and Industries?
- Why did the U.S. Department of Labor create the VFCP?
