Regulatory and Legislative

PBGC’s 2022 Inflation Adjustments for Civil Penalties

The Pension Benefit Guaranty Corporation has published in the Federal Register inflation-adjusted penalty amounts for failure to provide certain notices or other material information and for failure to provide certain multiemployer notices.

Per day penalty under Section 4071 rises from $2,259 to $2,400
Per day penalty under Section 4302 rises from $301 to $320

These adjustments for 2022 are made under the authority of the Federal Civil Penalties Inflation Adjustment Act and are in effect for any of the described penalties that are assessed after January 14, 2022.

Defined Contribution Plan

Regulatory and Legislative

IRS Provides 2024 Electronic Filing Relief for Form 5330

The IRS notes in a new post that electronic filing of Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, will not be required for the remainder of the 2024 taxable year—confirming that taxpayers may continue to file by paper.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for New Hampshire Severe Storms

The Federal Emergency Management Agency issued a Major Disaster Declaration on July 10, 2024, for New Hampshire severe winter storm and flooding.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for Texas Hurricane Beryl

The Federal Emergency Management Agency issued a Major Disaster Declaration on July 9, 2024, for Texas hurricane Beryl.