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Department Of Labor Penalties Increase For 2023

By March 27, 2023Employee Benefits

The Department of Labor has disclosed its 2023 annual penalty adjustments for not providing compliance notices associated with running an employer-sponsored health plan.

Private employers, regardless of whether they are non-profit organizations, should take necessary measures to ensure their employees receive all the required notices on time, such as SBC, CHIP, SPD, etc. This is important in order to avoid the imposition of civil penalty assessments. Moreover, if applicable, employers should also make sure that Form 5500s are filed in a proper and timely manner. Lastly, if employers receive document requests from EBSA, they should ensure that the requested documents are provided in a timely manner to avoid any potential issues.

The updated penalties below apply to health and welfare plans that fall under the jurisdiction of ERISA.

The Employee Benefits department of Mackoul Risk Solutions is available to help answer all of your questions and to help keep your business within compliance.

Contact Rebecca Scandaliato for more information.

 

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