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2429

Failure to Perform ERISA Reporting and Disclosure -- 29 U.S.C. 1131 (ERISA Section 501)

Title 29 U.S.C. § 1131 states:

    Any person who willfully violates any provision of part 1 (Reporting and Disclosure) of this subtitle (Subtitle B-Regulatory Provisions of ERISA), or any regulation or order issued under any such provision, shall upon conviction be fined not more than $5,000 or imprisoned not more than one year, or both; except that in the case of such violation by a person not an individual, the fine imposed upon such person shall be a fine not exceeding $100,000. [The amount of the fine is governed by 18 U.S.C §3571.]

The gravamen of offense is the willful omission to perform reporting or disclosure required by ERISA. Falsification of required ERISA documents (records, reports, and certified information) is punishable as a felony at 18 U.S.C. § 1027. See 9-136.000. Caveat: Breach of fiduciary duty in Title I of ERISA without more is not a crime.

[cited in Criminal Resource Manual 2401; Criminal Resource Manual 2401; USAM 9-135.010]