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Is the penalty $110 or $112 a day?


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A summary plan description's ERISA-rights notice states: “ In such a case, the court may require the Plan administrator to provide the [documents requested] and pay you up to $110 a day until . . . .’’

Has the amount referred to been adjusted?

If so, is it $112 or some other amount?

 

Peter Gulia PC

Fiduciary Guidance Counsel

Philadelphia, Pennsylvania

215-732-1552

Peter@FiduciaryGuidanceCounsel.com

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Hi Peter,

This is what I found. 

It is from the Estee Lauder case filed last month. Is the amount indexed? If not, it should still be $110. but I confess, I didn't actually read the CFR. 

"29 C.F.R. § 2575.502c-1 increases the penalty under ERISA § 502(c) to $110 per day" 

I'm a stranger on the internet. Nothing I write is tax or legal advice. 

I'd like a witty saying here, but I don't have any. When in doubt, what does the plan document say?

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Thank you.

 

It seems the § 501(c)(1) amount is not a subject of annual adjustment.

 

https://www.ecfr.gov/cgi-bin/text-idx?SID=09b66825bfb139913a2cf2d9385c3489&mc=true&node=se29.9.2575_12&rgn=div8;

 see also https://www.govinfo.gov/content/pkg/FR-2019-01-23/pdf/2019-00089.pdf at its pages 221-222 [.pdf pages 9-10]

 

Peter Gulia PC

Fiduciary Guidance Counsel

Philadelphia, Pennsylvania

215-732-1552

Peter@FiduciaryGuidanceCounsel.com

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