DOL Increases Penalties for 2017

The DOL recently increased the amount for any penalties assessed on or after January 13, 2017 (for violations occurring after November 2, 2015). Here are a few of the increases:

Violation 2016 Penalty 2017 Penalty

Failing to File 5500 $2,063 per day $2,097 per day

Failure to provide plan documents $1,632 per violation $1,659 per violation

and other information or provide

estimate of withdrawal liability

Failing to provide participants with $110 per day/person $112 per day/person

required CHIP notices

Failure to provide ACA Summary $1,087 per failure $1,105 per failure

of Benefits and Coverage Statements