DOL Increases Penalties for 2017
The Department of Labor (DOL) has released updated penalty amounts for violations assessed on or after January 13, 2017 “whose associated violations occurred after November 2, 2015”. While the penalty amounts were last updated in August 2016, the DOL must release updated penalties by January 15th each year. The complete list of updated penalty amounts can be found in the Federal Registrar’s “Department of Labor Federal Civil Penalties Inflation Adjustment Act Annual Adjustments for 2017“. Included in the list are increased penalties for delayed 5500 filings, failure to provide required information and maintain records, and those related to pensions/retirement and health & welfare.
For more information, please click here.