The Department of Labor (“DOL”) just increased civil monetary penalty amounts that may be assessed for violations of Title I of the Employee Retirement Income Security Act of 1974 (ERISA).

The new penalties apply to DOL assessments made on or after August 2, 2016, for violations occurring after November 2, 2015.

Here are some of the revised penalties:

1. Failing to file a Form 5500-series return may result in a penalty assessment of up to $2,063 per day. (The prior maximum penalty was $1,100 per day.)
2. Failing to provide plan information requested by the DOL (e.g., latest summary plan description) may be subject to a penalty assessment of up to $147 per day not to exceed $1,472 per request. (The prior maximum penalty was $110 per day not to exceed $1,100 per request.)
3. Failing to provide a Summary of Benefits Coverage may result in a penalty of up to $1,087 per failure. (The prior maximum penalty was $1,000 per failure.)