The Department of Labor (DOL) has increased civil penalties for violations of the Employee Retirement Income Security Act (ERISA). Employers need to be aware of how these penalties could affect their organizations; if they are found in violation of ERISA rules, they may now face higher fines that can impact their finances and reputation.
These increased penalties apply to any penalties assessed after January 15, 2024:
The DOL’s decision to increase penalties for certain ERISA violations emphasizes the importance of complying with federal regulations for employee benefit plans. Employers must understand the potential impact and proactively take measures to ensure compliance. To minimize the impact of the higher penalties, employers should: