In Depth
The Department of Labor (DOL) announced increased 2018 penalties for employee benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA). The increases generally apply to penalties that involve employee benefit reporting and disclosure failures if the penalty is assessed after January 2, 2018, and if the violation occurred after November 2, 2015. As a background, the 2015 Inflation Adjustment Act directs the DOL to annually adjust for inflation certain penalties for specified ERISA violations.
The table below shows ERISA penalty amounts assessed for violations on or before January 2, 2018, and shows ERISA penalty amounts assessed after January 2, 2018.
