A PFA or PFC or any person or body that misappropriates pension funds is liable, on conviction, to a fine of an amount equal to three times the amount misappropriated or imprisonment for a term not less than ten years or to both fine and imprisonment. In addition, PenCom shall remove from office, any Director or Officer of such PFA or PFC who misappropriates the funds.
- 7. What happens to a PFA or PFC that fails to render monthly reports of any fraud, forgery or theft occurring in its organization to PenCom?
- 5. What would happen to an employee who fails to open a RSA?