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Annual Update of Maximum Civil Monetary Penalty: Federal law requires that PBGC amend its civil penalty regulations annually to incorporate an inflation adjustment on the maximum penalty that may be assessed for failure to provide certain required information (e.g., reportable event filings, 4010 filings, certain multiemployer plan notices). Accordingly, PBGC published a final rule amending two regulations (29 CFR parts 4071 and 4302). Although the maximum penalty is increasing, it is uncommon for PBGC to assess this amount. The agency's goal is to encourage compliance. In most cases, when PBGC assesses an information penalty, it is for an amount significantly less than the maximum permitted. (01/12/2024)
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