What is the amended penalty amount for failure to produce documents timely under 502(c)(1)?

Prepare for the CEBS Course 3 Exam with Group Benefits Associate and Retirement Plans Associate content using flashcards and multiple choice questions. Enhance your understanding with hints and explanations for each question, ensuring you're ready for success!

Multiple Choice

What is the amended penalty amount for failure to produce documents timely under 502(c)(1)?

Explanation:
ERISA penalties under 502(c)(1) are penalties the Department of Labor can assess when a plan administrator fails to timely provide requested plan documents or information. The penalty is set per day for each violation, and the amount is updated periodically for inflation. The amended per-day amount currently stands at $149, so the penalties accrue as $149 for every day the failure continues, per violation. This reflects the inflation adjustment from earlier, lower figures, which is why the correct choice is $149.

ERISA penalties under 502(c)(1) are penalties the Department of Labor can assess when a plan administrator fails to timely provide requested plan documents or information. The penalty is set per day for each violation, and the amount is updated periodically for inflation. The amended per-day amount currently stands at $149, so the penalties accrue as $149 for every day the failure continues, per violation. This reflects the inflation adjustment from earlier, lower figures, which is why the correct choice is $149.

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