More retirement-related regulatory news for plan sponsors, including links to detailed information.
PBGC issues interim final rule on adjustment of civil penalties
The Pension Benefit Guaranty Corporation (PBGC) is amending its regulations to adjust the penalties provided for in sections 4071 and 4302 of the Employee Retirement Income Security Act of 1974 (ERISA). This interim final rule adjusts the maximum civil penalties that PBGC may assess under sections 4071 and 4302 of ERISA. The new maximum amounts are $2,063 for section 4071 penalties and $275 for section 4302 penalties.
The amendments are effective August 1, 2016. The increases in the civil monetary penalties under sections 4071 and 4302 provided for in this rule apply on and after August 1, 2016.
To read the entire rule, click here.
FAF releases updated print editions of FASB and GASB accounting standards codifications
The Financial Accounting Foundation (FAF) has released updated print editions of the Financial Accounting Standards Board’s FASB Accounting Standards Codification® and the Governmental Accounting Standards Board’s (GASB) Codification of Governmental Accounting and Financial Reporting Standards.
The FASB codification is the single, authoritative source of generally accepted accounting principles (GAAP) for public and private companies and not-for-profit organizations. For more information, click here.
The GASB codification is the single, authoritative source of GAAP for state and local governments. For more information, click here.