The Department of Labor (DOL) has released its annual adjustments for 2024, impacting penalties for employee benefit plans. Here’s a quick guide for employers:
Key Points:
1. Employee Notices: Private employers must ensure timely delivery of required notices (SBC, CHIP, SPD, etc.) to avoid civil penalties.
2. Form 5500 Filings: File Form 5500 accurately and on time to prevent penalties associated with non-compliance.
3. Document Requests from EBSA: Respond promptly to document requests from EBSA to avoid potential penalties.
Annual Penalty Adjustments for 2024
The updated penalties listed below are applicable to ERISA-covered health and welfare plans.
Compliance is essential in 2024—act now to secure your organization against penalties and maintain smooth employee benefit plan operations. For detailed insights and further information, download the PDF below.
We are dedicated to providing exceptional service, so please do not hesitate to contact our dedicated Total Benefit Solutions health insurance specialists at (215)-355-2121 or fill out the contact form below. We are available to answer any questions or address any concerns you may have.
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