Model Notice to Use in VSP Program

If you are the fiduciary for your company’s qualified retirement plan and you were involved in a prohibited transaction, you may be able to correct the problem without penalties under the DOL’s Voluntary Fiduciary Correction (VFC) program. One condition of the program is that you give notice to participants so they can submit comments to DOL’s Employee Benefits Security Administration (EBSA). DOL created a model notice form that you can use for this purpose. #IdeaoftheDay