The Department of Labor (DOL) has announced adjustments to civil monetary penalties for certain failures associated with qualified retirement plans. These adjustments are made annually to account for inflation and ensure that penalties remain effective deterrents. As employers and plan sponsors, staying informed about ERISA compliance and potential penalties is crucial.
Penalty Adjustments for 2024
- Failure to furnish or maintain records – $37 per participant.
- Failure to file Form 5500 – $2,670 per day.
- Failure to notify participants of certain Internal Revenue Code benefit restrictions or to provide an automatic contribution arrangement notice – $2,112 per day.
- Failure to provide participants either a blackout notice or a notice of the right to divest employer securities – $169 per participant per day.
- Failure to provide a Summary of Benefits Coverage – $1,406.
- Failure to provide materials requested by the DOL – $190 per day, not to exceed $1,906 per request.
At Yeo & Yeo CPAs & Advisors, we understand the complexities of managing employee benefit plans. Our dedicated Employee Benefit Plan Audit Services Group comprises year-round, full-time specialists committed to understanding your unique needs. Partner with Yeo & Yeo to navigate the complexities of employee benefit plan compliance. Contact us today for a stress-free audit experience and knowledgeable guidance on your benefit plans.
A complete list of ERISA violations subject to penalty is available on the DOL website.