AimPoint Pension
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Regional Vice President of Sales The Retirement Plan Company
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Bates & Company, Inc.
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Loan & Distribution Specialist AimPoint Pension
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Compass
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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SECURE Act Update: Penalties for Late Filings
The Retirement Advantage [Guidance Overview] Feb. 24, 2020 "The IRS penalty for a late Form 5500 filing is $250 per day, with a maximum of $150,000 per plan (per plan year missed). Previously the penalty was $25 per day, up to a maximum of $15,000. The IRS penalty for a late Form 8955-SSA filing is $10 per participant per day with a maximum of $50,000. Previously the penalty was $1 per participant per day with a maximum of $5,000. The DOL can assess a penalty of $2,330 per day with no maximum for a late Form 5500 filing. [That] dollar amount is adjusted for inflation but was not changed by the Act." |
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