Ten thousand dollars a day, and up to one hundred thousand for false information
What the document says“shall be subject to a civil monetary penalty in the amount of $10,000 for each day during which such violation continues or such information is not disclosed or reported.”
A plan, issuer, manager or applicable entity that violates the contract rule, a manager that fails to report, or a plan that fails to give a member the required information, is subject to a civil monetary penalty of $10,000 for each day the violation continues. Knowingly providing false information carries a penalty of up to $100,000 for each item, in addition to other penalties. Section 1128A of the Social Security Act applies to the procedure. Parallel authority is added to section 502(c) of the Employee Retirement Income Security Act of 1974.
What the document actually says“shall be subject to a civil monetary penalty in the amount of $10,000 for each day during which such violation continues or such information is not disclosed or reported.”
The penalty is $10,000 for each day. It runs while the breach lasts or while the facts go unreported.
A penalty per day pushes toward fixing it fast. False information is treated worse. Each false item can cost up to $100,000.
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