Under the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, federal agencies are required to increase the amounts of civil monetary penalties annually to adjust for inflation. The first round of increases is set to take effect on August 1, 2016. The new penalties under the Employee Retirement Income Security Act of 1974 (ERISA) are shown below. Subsequent increases will be announced by January 15, 2017 and each January 15th thereafter.
The new ERISA penalty amounts apply where the penalty is assessed after August 1, 2016 and relates to a violation that occurred after November 2, 2015.
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