What civil penalties may be assessed by the Department against plan administrators who fail to file a timely annual report and who do not participate in the DFVCP?
The following penalties may be assessed against plan administrators: Late Filers – Plan administrators filing a late annual report (i.e., after the date the report was required to be filed, including extensions) may be assessed $50 per day, with no limit, for the period they failed to file, determined without regard to any extensions for filing. Non-Filers – Plan administrators who fail to file an annual report may be assessed a penalty of $300 per day, up to $30,000 per year, until a complete annual report is filed.
Related Questions
- Will I be assessed penalty, interest, or late charges if I fail to make estimated payments and/or fail to timely file a RITA return and remit any balance due by the due date?
- What civil penalties may be assessed by the Department against plan administrators who fail to file a timely annual report and who do not participate in the DFVCP?
- Can plan assets be used to pay the civil penalties assessed under ERISA 502(c)(2)?
