DOL Increases Penalties for 2017

March 10, 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

 

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