To satisfy new requirements, the U.S. Department of Labor haspublished an interim final rule that provides inflation adjustmentsto monetary penalties for violations of the Employee Retirement Income SecurityAct.
According to the agency, in 1990, the Federal Civil MonetaryPenalties Inflation Adjustment Act required federal agencies toadjust civil monetary penalties for inflation; subsequentamendments enacted in 2015 updated those requirements, includingone for “catch-up” adjustments through October of 2015.
The rule just issued by Labor Department provides those catch-upadjustments for penalties enforced by the various agencies in theLabor Department, including the Employee Benefits SecurityAdministration. The catch-up adjustments apply to penaltiesassessed after Aug. 1, 2016, for violations that occurred afterNov. 2, 2015, the date of the 2015 Inflation Adjustment Act.
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