Update on DOL enforcement of annual filing requirement

Article Abstract:

The Labor Department (DOL) in 1988 gained the enforcement authority to levy penalties of as much as $1,000 a day on plan administrators failing to file annual Form 5500 reports. In early 1992 an amnesty program was instituted giving derelict plans until Sep 30, 1992 to file reports and receive reduced penalties. There were 233 filings under the amnesty program and $189,000 in penalties collected as of Jul 1, 1992. The amnesty program has also been applied to top-hat lans that have not filed registration statements under DOL Regs. 2520.104-23.

Powers and duties, United States. Department of Labor

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PBGC proposes annual financial and actuarial information reporting regulations

Article Abstract:

The US Pension Benefit Guaranty Corporation has released proposed regulations regarding annual actuarial and financial reporting required for plans with significant underfunding. The regulations would establish an information year concept to be used in the filing of required information. The proposed regulations also identify filing dates, nonfiling penalties and exemptions from filing.

United States

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ERISA S204(h) notification requirement applied in case of first impression

Article Abstract:

ERISA section 204(h) was interpreted by the Seventh Circuit so that an employer who changes a pension plan to remove stock option income must give prior notice to plan participants. The employer did not do so in Davidson vs Canteen Corp and claimed that 204(h) did not apply. This case of first impression shows that courts have wide latitude to interpret 204(h).

Notice (Law)

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