kredlin
Aug 5 2002, 04:06 PM
What are the penalties for not supplying SMMs or updated SPDs on time?
mroberts
Aug 6 2002, 07:28 AM
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
Aug 6 2002, 08:13 AM
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?"
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