The U.S. Department of Labor published the increased monetary penalties applicable to employee benefit plans under the Employee Retirement Income Security Act (ERISA) in accordance with the Federal Civil Penalties Inflation Adjustment Act. The increased penalties generally relate to employee benefit reporting and disclosure failures if the penalty is assessed after January 2, 2018 and if the violation occurred after November 2, 2015. The following table lists the major ERISA penalty statutes, briefly describes the potential ERISA violations and applicable penalty amounts that might be assessed after January 2, 2018:
© Boutwell Fay LLP 2018, All Rights Reserved. This handout is for information purposes only, and may constitute attorney advertising. It should not be construed as legal advice and does not create an attorney-client relationship. If you have questions or would like our advice with respect to any of this information, please contact us. The information contained in this article is effective as of March 3, 2018.