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Employers that are late filing required forms and notices to the Pension Benefit Guaranty Corp. will face sharply higher maximum financial penalties, the agency disclosed.
The maximum penalty for missing reporting deadlines on a variety of required notices, such as reporting of missed premium contributions exceeding $1 million, will rise, effective Aug. 1, to $2,063 for each day a notice is late, up from the current $1,100-a-day penalty, the agency said Friday.
The higher penalties are required under legislation Congress passed in 2015 to reflect cost-of-living increases since the mid-1990s.
Pension plan sponsors that are late in paying required annual Pension Benefit Guaranty Corp. premiums would pay much smaller penalties under a plan the agency proposed Wednesday