DOL Increases Penalties for Health Plan Violations

USDOL Releases New Penalty Increase for Health Plan ViolationsPenalties Increase Aug. 1

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.

Get the details here.

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.

For the latest industry updates and information about employee benefits solutions, call your Taylor Insurance Services expert today. Don’t have a Taylor Agent? We’d love to get you connected to the Power of T. Call us today at (229) 247-6411.  Our experts are ready to help you get the most out of your employee benefits program and develop strategies that both recruit and retain top-notch talent.

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