To satisfy new requirements, the U.S. Department of Labor has published an interim final rule that provides inflation adjustments to monetary penalties for violations of the Employee Retirement Income Security Act.
According to the agency, in 1990, the Federal Civil Monetary Penalties Inflation Adjustment Act required federal agencies to adjust civil monetary penalties for inflation; subsequent amendments enacted in 2015 updated those requirements, including one for “catch-up” adjustments through October of 2015.
The rule just issued by Labor Department provides those catch-up adjustments for penalties enforced by the various agencies in the Labor Department, including the Employee Benefits Security Administration. The catch-up adjustments apply to penalties assessed after Aug. 1, 2016, for violations that occurred after Nov. 2, 2015, the date of the 2015 Inflation Adjustment Act.
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