Rynek pracy · 3/7/1996

Pension Payback Program

This document announces the adoption of a voluntary compliance program which will allow certain persons to avoid potential Employment Retirement Income Security Act civil actions initiated by the Department of Labor, the assessment of civil penalties under section 502(l) 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 program is designed to benefit workers by encouraging employers to restore delinquent participant contributions to employee pension benefit plans covered by Title I of ERISA.