2023 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.

• Daily penalty under ERISA Section 4071 rises from $2,400 to $2,586
• Daily penalty under ERISA Section 4302 rises from $320 to $345

These adjustments for 2023 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 12, 2023.