The PWBA, soon to be known as the Employee Benefits Security Administration, has published in the final rule a table listing the CMPs and calculations required for those penalties.
The CMP calculations were based on the difference between the consumer price index in June of the year the penalty was last set and June of the preceding year, according to Washington-based legal publisher BNA.
After the final calculations were tabulated and the values rounded off, three penalties were increased:
- Failure or refusal to file information required of multiple employer welfare benefit arrangements under ERISA Section 101(g). The penalty will increase to a maximum $1,100 per day, up from $1,000.
- Failure to furnish documents, like a summary plan description, called for under ERISA Section 104(a)(6). The penalty will increase to $110 per day, but not more than $1,100 per request, up from $100 and $1,000 respectively.
According to the news media release, modifications included in the final rule are scheduled to become effective March 24, 2003.
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