The Department of Labor (“DOL”) recently announced (88 Fed. Reg. 9408, Feb. 14, 2023) that it will reopen the public comment period on proposed amendments to DOL’s Voluntary Fiduciary Correction Program (“VFCP”) and its related class exemption, Prohibited Transaction Exemption 2002-51 (“PTE 2002-51”). The comment period now ends April 17, 2023.
VFCP is a DOL program designed to help plans, their fiduciaries, and service providers avoid civil enforcement and penalties under ERISA through proactive corrective steps. On November 21, 2022, DOL proposed long-awaited changes to the VFCP and its related class exemption, PTE 2002-51, which had not been updated since 2006.