Disclosure Penalty Rules from DOL

According to PlanSponsor.com, the Department of Labor issued a press release on December 31, 2008, announcing a final regulation that implements the DOL's authority to assess civil penalties of up to $1,000 per day against plan administrators who fail to disclose certain documents to plan participants, beneficiaries and others as required by the Employee Retirement Income Security Act (ERISA), as amended by the Pension Protection Act.

 

See full article for more information on the new disclosure provisions.