The Employee Retirement Income Security Act of 1974 (ERISA) created mandatory disclosure and reporting requirements for health and welfare plans. Among those requirements include the obligation to maintain Plan Documents, distribute Summary Plan Descriptions (SPDs) to employees, and file Form 5500, unless an exemption applies. Failure to perform any of these requirements may result in a fine from the Employee Benefits Security Administration (EBSA), a division of the Department of Labor (DOL).
The DOL recently announced annual increases to penalty amounts, including those that fall under ERISA. These amounts are updated annually due to inflation and are as follows:
The penalty for failing to furnish a Summary of Benefits and Coverage (SBC), as required by the Affordable Care Act (ACA), also increased from $1,362 per failure to $1,406 per failure.
Cost-Effective, Legal-Quality Documents and Filings
With our Premier ERISA Wrap Solution, you’ll benefit from our industry-leading guarantee and legal compliance review of plan documents and Form 5500 filing.
Together, we can work toward:
- Satisfying ERISA requirements.
- Simplifying the amendment process and reducing filing risks.
- Removing unnecessary filing fees and streamlining documentation (based on your needs).
- Form 5500 filing.
- Form 5500 remediation.
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