DOL Finalizes Rule on ERISA Civil Penalties for Certain PPA-Required Disclosure Failures

DOL Finalizes Rule on ERISA Civil Penalties for Certain PPA-Required Disclosure Failures

Jan 08, 2009

Article

Brownstein Client Alert, January 8, 2009

The U.S. Department of Labor (DOL) has recently published their final rule on civil penalties for certain disclosure failures by 401(k), defined benefit and multiemployer plans. Failure to make certain disclosures to participants, beneficiaries and others as required under the Pension Protection Act of 2006 beginning in 2008 can result in penalties of up to $1,000 per day per participant who didn't timely receive the required disclosure. Employers and plan administrators are jointly and severally liable for these penalties.

Click to read our Brownstein Client Alert about this new regulation.

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