![]() ![]() ![]() It also communicates the circumstances when the party in interest may contest EBSA's findings and assessment. The Department's regulation identifies the procedures ( 3) for assessing a two-tiered 502(i) civil penalty. ![]() ( 2) This penalty applies to welfare and non-qualified plans, and complements the excise tax imposed on tax-qualified pension plans by section 4975(a) of the Internal Revenue Code. ERISA section 502(i) ( 1) authorizes the Secretary to assess a civil penalty against a party in interest who engages in a prohibited transaction with respect to either an employee welfare benefit plan or a non-qualified pension plan. ![]()
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