On July 1, 2016, the DOL issued an interim final rule that increases the civil penalty amounts that may be imposed under various federal laws, including ERISA. The increased amounts apply to civil penalties that are assessed after Aug. 1, 2016. This Compliance Bulletin summarizes the increased penalty amounts for health plan violations of ERISA.
Action on Employers
Employers should become familiar with the new penalty amounts and review their health plans to ensure compliance with ERISA’s requirements. For example, employers should make sure they are complying with ERISA’s reporting and disclosure rules, including the Form 5500, annual CHIP notice and SBC requirements.
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