Government tweaks fiduciary correction program

Employee Benefit Security Administration today expanded and streamlined its voluntary fiduciary correction program, which enables employers and their advisers to find and rectify compliance problems before fines are assessed. Under today's additions, employers may now correct transactions related to delinquent participant loan repayments and restricted participant loans, as well as the sale of illiquid plan assets. The EBSA, the Labor Department's pension office, also adopted simpler methods for sponsors to use in calculating the amount they need to repay plans, and they streamlined the amount of paperwork required. The changes will be published in the Federal Register on Wednesday and are open to public comment.