2020 DOL Penalty Amounts for ERISA Violations Issued
The U.S. Department of Labor (DOL) has increased the penalties employers face under ERISA for group health plan reporting and disclosure failures. These new amounts apply to penalties assessed after Jan. 15, 2020, and include the following:
- Summary of Benefits and Coverage (SBC): Failure to provide group health plan participants and beneficiaries with an SBC may now result in a penalty of up to $1,176 per participant or beneficiary.
- Employer CHIP Notice: Failure to provide a CHIP Notice to employees in states that offer group health plan premium assistance through a state Children’s Health Insurance Program may now result in a penalty of up to $119 per day per employee.
- Summary Plan Description (SPD): Failure to furnish an SPD to the DOL upon request may now result in a penalty of up to $159 per day (not to exceed $1,594 per request).
- Form 5500: Failure to file an annual report with the DOL (unless a filing exemption applies) may now result in a penalty of up to $2,233 per day.
White House 2024 Budget Raises OSHA Funding by 17%: What Does This Mean?
Brief: President Joe Biden’s proposed fiscal year 2024 budget would increase funding for OSHA by $106.4 million, or 17%, to $738.7 million. As part of the increase, [...]
National Ladder Safety Month 2023: Three Considerations for Selecting the Correct Ladder
March is National Ladder Safety Month, let’s look at ladder selection. Before you get started on your next project, you have to choose a ladder, [...]
Company Safety Policies Need Management Commitment—6 Tips to a Safer Worksite
Editors Note: Each anecdote has been taken from the archives of NARFA’s Automotive Industries Compensation Corporation (AICC) program and is designed to help inform, [...]