Rynek pracy · 2.08.1996

Pension Payback Program (Amended)

This document announces certain amendments to a voluntary compliance program adopted by the Department on March 7, 1996. The program allows certain persons to avoid potential Employee Retirement Income Security Act (ERISA) civil actions initiated by the Department of Labor, the assessment of civil penalties under section 502(1) of ERISA and Federal criminal prosecutions arising from their failure to timely remit participant contributions and the failure to disclose such non-remittance. The program also includes relief from certain prohibited transaction liability. The amendments allow additional persons to take advantage of the program and clarify certain requirements. These amendments primarily conform the terms of the program to a prohibited transaction class exemption that the Department is also publishing today.