Pursuant to recently amended federal legislation, the Department of Labor (DOL), among several other federal agencies, is increasing its civil monetary penalties to adjust for inflation. Among the penalties to be increased are those relating to noncompliance with mandatory provisions under the Employee Retirement Income Security Act of 1974, as amended (ERISA).
An initial “catch-up” adjustment will apply to penalties assessed after August 1, 2016, for violations that occurred after November 2, 2015. Violations occurring on or before November 2, 2015, and assessments made on or before August 1, 2016, for violations that occurred after November 2, 2015, will continue to be subject to the civil penalties in place under the current regime.
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