The DOL has announced the 2019 annual adjustments to the civil monetary penalties for a wide range of benefits-related violations: Form 5500 - maximum penalty for failing to file increases from $2140 to $2194 per day the filing is late. Summary of Benefits and Coverage (SBC) - maximum penalty for failing to provide the SBC increases from $1128 to $1156 per failure. Violations of Genetic Information Nondiscrimination Act (GINA) may result in penalties of $117 per participant per day (increase from $114). Failure to disclose availability of Medicaid or Children's Health Insurance Program (CHIP) assistance may result in penalties of $117 per participant per day (increase from $114). 401(k) non-compliance - penalties have increased for the following: failure to provide preemption notice to participants of plans with automatic contribution arrangements increased from $1693 to $1736 per day; failing to provide blackout notices or notices of diversification rights increase from $136 to $139 per day; failure to comply with ERISA recordkeeping and reporting requirements increased from $29 to $30 per employee.
Lifetime Benefit Solutions, Inc. is not a law firm, has not reviewed that information for legal sufficiency, and does not give legal or tax advice. The sponsoring employer should have this information reviewed by its own legal counsel for compliance with ERISA, tax requirements, and other applicable laws and regulations.