The Department of Labor (DOL) published the annual adjustments for 2021 that increase certain penalties applicable to employee benefit plans.
Annual Penalty Adjustments for 2021
The updated penalties are applicable to health and welfare plans subject to ERISA.
Employer Action
Private employers, including non-profits, should ensure employees receive required notices timely (SBC, CHIP, SPD, etc.) to prevent civil penalty assessments. In addition, employers should ensure Form 5500s are properly and timely filed, if applicable. Finally, employers facing document requests from EBSA should ensure documents are provided timely, as requested.
To download this article as a PDF, which includes all the annual penalty adjustments for 2021, click below: