DOL Penalties Increase for 2024

The Department of Labor (“DOL”) has published the annual adjustments for 2024 that increase certain penalties applicable to employee benefit plans.

Annual Penalty Adjustments for 2024

The following 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.