The Department of Labor has announced updated penalty amounts for violations assessed a penalty after January 15, 2023. Below is a table of some of the civil monetary penalties relevant to employee benefit plans. The DOL can waive penalties or assess lower penalties than these when they determine the employer has acted in good faith to promptly identify and correct errors it discovers. We’ll use some acronyms in the table, but you can certainly reach out to your IMA Benefits team if you would like to discuss any of these.
|Requirement||2022 Penalty||2023 Penalty|
|Filing Form 5500||$2,400 per day it’s late||$2,586 per day it’s late|
|Furnishing SBCs||$1,264 per failure||$1,362 per failure|
|GINA violations||$127 per person per day||$137 per person per day|
|Medicaid/CHIP notice||$127 per person per day||$137 per person per day|
|MEWA M-1 Filing||$1,746 per day it’s late||$1,881 per day it’s late|
IMA will continue to monitor regulator guidance and offer meaningful, practical, timely information.
This material should not be considered as a substitute for legal, tax and/or actuarial advice. Contact the appropriate professional counsel for such matters. These materials are not exhaustive and are subject to possible changes in applicable laws, rules, and regulations and their interpretations.