EBSAFinal RuleJanuary 15, 2025

Prohibited Transaction Exemption (PTE) 2002-51 to Permit Certain Transactions Identified in the Voluntary Fiduciary Correction Program, Exemption Amendment

Finance & BankingLabor & Workplace

Summary

This regulation allows retirement plan administrators to correct certain financial mistakes without facing penalties, as long as they follow a specific voluntary correction program. It matters because it helps ensure retirement savings are protected and gives plans a fair way to fix errors without harsh consequences.

Key Points

1Retirement plan administrators can correct certain prohibited transactions (improper financial dealings) without being penalized if they use the Voluntary Fiduciary Correction Program
2This exemption applies to specific types of transactions that were identified as problematic and gives plans a chance to make things right
3The regulation was updated in 2025 to clarify and expand which corrections qualify for this protection
4Plan administrators must follow strict procedures and disclose corrections properly to get this exemption
5This protects workers' retirement savings by encouraging plans to fix mistakes quickly rather than hiding them or facing severe penalties

Key Dates

Published

January 15, 2025

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This summary is for informational purposes only. It may not capture all nuances of the regulation. Always refer to the official text for authoritative information.