The U.S. Department of Labor (DOL) recently published the 2024 inflation-adjusted maximum civil monetary penalties for a broad range of employee benefit-related violations.
Federal legislation enacted on November 2, 2015 required certain federal agencies, including the DOL’s Employee Benefits Security Administration (EBSA), to annually adjust certain maximum civil monetary penalty amounts for inflation by January 15 of each year to maintain the penalties’ deterrent effect.
The EBSA’s 2024 inflation-adjusted maximum civil monetary penalty amounts apply to penalties assessed after January 15, 2024, for violations occurring after November 2, 2015. This chart highlights the 2024 inflation-adjusted maximum civil penalty amounts for selected employee benefit-related ERISA violations.
All of the remaining employee benefit-related 2024 inflation-adjusted maximum civil penalty amounts can be found here.
If you have any questions about this news alert, please contact Scott D. Piper at (585) 419-8621 and spiper@harrisbeachmurtha.com or Patricia E. Reilly at (203) 772-7733 and preilly@harrisbeachmurtha.com.
