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Compliance January 2, 2019
PBGC Updates Penalties for Failure to Provide Information
New maximum civil penalties for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices have been announced.
Reported by Rebecca Moore
The Pension Benefit Guaranty Corporation (PBGC) issued a final rule adjusting civil penalties for failure to provide certain disclosures or information.
The agency is required to amend its regulations annually to adjust for inflation the maximum civil penalty for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices.
The new maximum civil penalties the PBGC may assess are $2,194 per day for section 4071 penalties for failure to provide certain notices or other material information, up from $2,140 per day in 2018, and $292 per day for section 4302 penalties for failure to provide certain multiemployer plan notices, up from $285 per day in 2018.
The final rule is effective December 28, 2018.
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