SMMs

[Guest kredlin]

What are the penalties for not supplying SMMs or updated SPDs on time?

[mroberts]

Under ERISA, an employer can be fined up to $110 per day for any violation. There really isn't any ERISA police out there, however. If you are in violation of ERISA and a case goes to court, this is usually where you will find yourself in trouble.

[Steve72]

ERISA Section 502 permits the penalty, but only if the plan administrator fails to comply with a REQUEST for an SPD. I am unaware of any statutory penakty for a failure to distribute the SPD or SMM absent a request.

ERISA does require that both be distributed within a set time frame, but doesn't answer the question "or what?"