On Jan. 11, 2024, the U.S. Department of Labor (DOL) published the 2024 inflation-adjusted civil monetary penalties that may be assessed for a wide range of employee benefit-related violations.
To maintain their deterrent effect, the DOL is required to adjust these penalties for inflation no later than Jan. 15 of each year. Key penalty increases include the following:
- Summary of Benefits and Coverage (SBC): Failure to provide group health plan participants and beneficiaries with an SBC may now result in a penalty of up to $1,406 per participant or beneficiary.
- Form 5500 filings: Failure to file an annual Form 5500 with the DOL can now result in a penalty of up to $2,670 per day.
- Children’s Health Insurance Program (CHIP) notice: Failure to provide the annual notice regarding CHIP coverage opportunities may now result in a penalty of up to $141 per day (each employee is a separate violation).
- 401(k) disclosures: Failure to provide blackout notices and notice of the right to divest employer securities may now result in penalties of up to $169 per day.
- DOL-requested plan information: Failure to provide plan-related information requested by the DOL can now result in penalties of up to $190 per day but not to exceed $1,906 per request.
Contact us to see how you could minimize risk:
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