Using a new rule under the Department of Labor (DOL) Voluntary Fiduciary Correction Program (VFCP) for qualified retirement plans, employers can make up delinquent contributions without any filing with the DOL. This option applies as long as lost earnings on the payments are no more than $1,000. Use a DOL online calculator to compute lost earnings and interest and ensure that the VFCP can be used for delinquent payments. The delinquent payments must be remitted to the plan within 180 days they were received by the employer (i.e., salary reduction contributions withheld from employees’ paychecks). #IdeaoftheDay
