Amid the highest inflation rates in four decades, the Internal Revenue Service has raised the contribution limits of how much Americans can contribute into their 401(k) plans in 2023, by a record amount.
The anti-alienation provision under Section 206(d)(1) of ERISA provides federal protection to retirement assets from most ordinary creditors. The provision thus prohibits an assignment or alienation of pension plan benefits under each pension plan. In contrast, the Mandatory Victims Restitution Act (MVRA) requires courts to issue a restitution order in addition to a conviction against a defendant in order to compensate the victim of an offense for any damage to or loss or destruction of victim’s property.
The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 was enacted to advance the effectiveness of civil money penalties and to strengthen their deterrent effect. Outdated penalties are a problem because civil penalties are less effective when they do not keep pace with the cost of living. The law requires agencies across the federal government to adjust their penalties for inflation not later than January 15 of every year. The Department of Labor’s Civil Penalties Inflation Adjustment Act Annual Adjustment for 2022 final rule was published in the January 14, 2022 Federal Register. Below is a table that reflects the 2022 and 2021 civil money penalty amounts.