DOL Increases Civil Penalties for Failure to File 5500
The Department of Labor’s Employee Benefits Security Administration has increased the civil penalties for failure to file the Form 5500.
The maximum per-day penalty under ERISA Section 502(c)(2) for 2017 will be $2,097; that is $34 higher than the maximum rate for 2016 of $2,063 per day.
The Labor Secretary is required to adjust the civil penalties each year by Jan. 15. The adjustments for 2017 apply to violations occurring on or after Nov. 2, 2015.
The new rate appears in the Federal Register of Jan. 18.