DOL Finalizes Pension Act Penalty Rule

Law360, New York (December 31, 2008, 12:00 AM EST) -- The U.S. Department of Labor can now fine pension plan administrators up to $1,000 a day for ignoring disclosure requirements set by the Pension Protection Act, including giving plan holders notice of withdrawal penalties.

On Wednesday, the Labor Department announced it had finalized a regulation authorizing it to assess civil penalties against plan administrators who don't meet the PPA's new disclosure rules.

The final rule — which was scheduled to be published in the Federal Register on Jan. 2 — lays out exactly how those types...
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