IDOL Penalties for ERISA Violations

If you have a qualified retirement plan, you may be subject to various penalties from the U.S. Department of Labor (DOL) for certain failures. The penalties have been adjusted for inflation, effective after January 15, 2025. For example, the failure to file annual returns means a daily penalty in 2025 of $2,739 (up from $2,670). Another penalty that can be levied is the failure to provide plan participants with a summary of benefits and coverage. The penalty for this failure is $1,433 (up from $1,406). There are several other penalties that can apply, so be sure your plan’s fiduciary (which may be you) keep up to date with retirement plan obligations. #IdeaoftheDay