2022 INFLATION-ADJUSTED PENALTIES ANNOUNCED BY THE DEPARTMENT OF LABOR
The Federal Civil Penalties Inflation Adjustment Act of 2015 directs the US Department of Labor (DOL) to make annual inflation adjustments to specified Employee Retirement Income Security Act (ERISA) violations. The increased penalties generally apply to reporting and disclosure failures if the penalty is assessed after January 15, 2022, and if the violation occurred after November 2, 2015. The table below compares penalty amounts assessed for violations after January 15, 2021, through January 15, 2022 (the column labeled 2021 Penalty Amount), to penalty amounts assessed after January 15, 2022 (the column labeled 2022 Penalty Amount).
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