Scott E. Galbreath will present “Self-Correction Under the Updated Voluntary Fiduciary Correction Program” during the National Institute of Pension Administrators (NIPA) Webcast on Tuesday, February 25, 2025. He will discuss the Department of Labor’s updated Voluntary Fiduciary Correction Program and its changes from the former program. These include the new Self-Correction Component (SCC), which allows self-correction of certain fiduciary breaches for delinquent participant contributions and loan repayments to pension plans and eligible inadvertent participant loan failures that are self-corrected under the IRS Employee Plans Compliance Resolution System. The eligibility, process, and relief available under the SCC will be covered.
Scott E. Galbreath leads the Executive and Equity Compensation Practice Team. He has over 30 years of experience representing employers in ERISA, employee benefits, and executive compensation matters. He is the author of The Benefit of Benefits blog, which is an online resource for information and commentary on new legislative, regulatory, and industry developments in employee benefits and executive compensation.