Department Of Labor Releases Adjustments To Penalties Associated With Employee Benefit Programs

Each year, the Department of Labor (DOL) is required to release the annual adjustments it makes to monetary penalties imposed for benefits-related violations. Employers who maintain compliance throughout the year will not be subject to any penalties while those who fail to comply with DOL regulations may face monetary penalties.

The following penalties increased and are effective for any violations assessed after January 2, 2018.

The penalties as listed above are the maximum amounts an employer may be assessed. Penalties can be lessened when employers are provided with an opportunity to resolve compliance gaps. Such determinations are made on a case-by-case basis at the full discretion of the DOL.

This DOL release serves as a call for employers to review their current practices when it comes to the applicability of these reporting requirements. In addition to how and when they are being met, it is important to ensure that what they include by way of content falls is line with the latest guidance.

For more information on how this subject impacts your organization, or to learn how Baker Tilly Vantagen experts can help, contact our team.