Source: https://www.mwe.com/insights/up-up-and-away-2020-increased-penalties-for-employee-benefit-plans/
Timestamp: 2020-02-20 07:33:28
Document Index: 202111360

Matched Legal Cases: ['§6652', '§ 6057', '§305', '§514', '§502', '§701', '§502', '§206']

Up, Up and Away: 2020 Increased Penalties for Employee Benefit Plans - McDermott Will & Emery
January 30, 2020 | Diane M. Morgenthaler | Alan D. Nesburg | Rick Stepanovic |
Employee Benefits & Executive Compensation Retirement Benefits ERISA Litigation Tax Federal Taxation United States
Code §6652(d)(2) Failure to timely file notification of certain changes (Form 5500) in a plan’s information (name, plan administrator, plan termination, plan merger or spin-off) under Code § 6057(b). $1 per day, up to $1,000 $10 per day, up to $10,000
Failure of a multiemployer plan to certify endangered or critical status under ERISA §305(b)(3)(C) treated as a failure to file annual report. Up to $2,194 per day Up to $2,233 per day
Failure to furnish automatic contribution arrangement notice under ERISA §514(e)(3). Up to $1,736 per day per affected participant Up to $1,767 per day per affected participant
ERISA §502(c)(9)(A) Failure by an employer to inform employees of Children’s Health Insurance Program (CHIP) coverage opportunities under ERISA §701(f)(3)(B)(i)(l). Up to $117 per day per affected employee Up to $119 per day per affected employee
ERISA §502(m) Defined benefit distribution prohibited by ERISA §206(e) due to an impermissible forfeiture following withdrawal of a participant’s contributions. Amount distributed but not more than $16,915 per distribution Amount distributed but not more than $17,213 per distribution
For more information on any of these potential penalties, please contact your McDermott lawyer or one of the below listed authors.