No, there is no penalty. In any case, Google only displays the number of characters "x", so the meta description is truncated.
Portent reference: https://www.portent.com/blog/seo/new-character-length-google-serp-snippets-meta-descriptions.htm
Update from May 2018: There are No Fixed length for search snippets after another Danny Sullivan tweet on May 14, 2018. Are meta descriptions still important at all? I have some thoughts, read more here: Meta descriptions are still important!
In case you have not heard of it yet: On December 1, 2017, Google (read: Danny Sullivan) has officially confirmed that the maximum length of a snippet in the search results has increased to about 320 characters.