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ARTICLE · 26 JANUARY 2024

2024 Adjusted Penalties For ERISA Violations

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On January 11, 2024, the Department of Labor ("DOL") released a final rule that provides new figures reflecting the adjusted civil penalty amounts for 2024, pursuant to the Federal Civil Penalties...

United StatesEmployment and HR
Eboni Onuoha
Eboni Onuoha
Malcolm Slee
Malcolm Slee
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On January 11, 2024, the Department of Labor ("DOL") released a final rule that provides new figures reflecting the adjusted civil penalty amounts for 2024, pursuant to the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 ("Inflation Adjustment Act"). The Inflation Adjustment Act requires the DOL to modify civil penalty amounts each year by January 15th to reflect the effect of inflation. The chart below shows the increased penalties for ERISA violations; however, please note that penalties under other federal laws are affected as well. The adjustments are effective January 15, 2024.

If you have any questions, please don't hesitate to reach out to a Groom attorney or any of the authors.

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