Paul Migicovsky Mentioned in Benefits and Pensions Monitor on the Need to Prepare for Administrative Monetary Penalties
Hicks Morley’s Paul Migicovsky presented at the firm’s Advantage CPD seminar, “Pension and Benefits 2018: Thriving in the Face of Change” that took place on January 31, 2018. Paul’s presentation on Administrative Monetary Penalties (AMPs) was featured in the Benefits and Pensions Monitor on February 1, 2018.
“The goals of AMPs are to promote compliance with the Pension Benefits Act (PBA) and prevent a direct or indirect economic benefit from a contravention. AMPs come in two types, general and summary. General AMPs are for breaches of specified PBA requirements while summary AMPs address more procedural concerns such as late PBA filing-related matters” Paul explained. “Plan administrators will need to review and perhaps revise existing policies to make sure they comply with the PBA and future amendments.”
For more information on AMPs, please contact a member of our Pension, Benefits & Executive Compensation group.