The Department of Labor (“DOL”) has published the annual adjustments for 2024 that increase certain penalties applicable to employee benefit plans. It is important for employers of all sizes to comply with these adjustments in order to avoid costly fines.
When you place your benefits with Mackoul Risk Solutions many of these documents are provided by our company at no charge.
Employer Action
Private employers, including non-profits, should ensure employees receive required notices timely (SBC, CHIP, SPD, etc.) to prevent civil penalty assessments. In addition, employers should ensure Form 5500s are properly and timely filed, if applicable. Finally, employers facing document requests from EBSA should ensure documents are provided timely, as requested.
Annual Penalty Adjustments for 2024
The following updated penalties are some of the items applicable to health and welfare plans subject to ERISA.
For more information, please contact Rebecca anytime, and click here for a free download of the 2024 Penalty Adjustments.
