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DOL issues interim rule adjusting monetary penalties

Beginning in 2017, the Department of Labor will adjust the new ERISA Title I penalty amounts annually for inflation no later than Jan. 15.

By Marlene Y. Satter | Updated on July 08, 2016
Beginning in 2017, the Labor Department will adjust the new ERISA Title I penalty amounts annually for inflation no later than Jan. 15. (Photo: iStock)

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.

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