Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.
Compliance February 1, 2017
PBGC Final Rule Increases Certain Penalties
The agency has adjusted for inflation penalties for certain reporting failures.
Reported by Rebecca Moore
As required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, the Pension Benefit Guaranty Corporation (PBGC) is adjusting monetary penalties for failure to provide certain reporting.
Using a cost-of-living multiplier provided by the Office of Management and Budget, the new maximum penalty under Employee Retirement Income Security Act (ERISA) section 4071 for failure to provide certain notices or other material information is $2,097.
Under ERISA section 4302, for failure to provide certain multiemployer plan notices, the maximum penalty is now $279.
The final rule is effective January 31, 2017. Text of the rule is here.
You Might Also Like:
September Shows Slight Decline in Funding Status for Most DB Plans
The majority of pension consultancies report liabilities edged out strong market results.
Corporate DB Plan Funding Status Continues To Rise
Strong equity markets and stable interest rates have contributed to boosting funding surpluses.
Senate Committee Advances Julie Su’s DOL Nomination—Again
Su advanced to the full Senate by an 11 to 10 vote for the second time in almost a year,...