Plans to be fined on disclosure issues
Defined contribution plan administrators may be fined $1,000 a day if they fail to disclose documents to participants.
The U.S. Department of Labor plans to start fining defined contribution plan administrators up to $1,000 a day if they fail to disclose certain documents to participants.
Under the Pension Protection Act of 2006, provisions were established relating to funding-based limits on benefit accruals and certain forms of benefit distributions, financial reports, as well as participants’ rights under automatic contribution arrangements.
The proposal will be published in the Dec. 19 edition of the Federal Register. The public may submit comments to the department at [email protected] .
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