On January 11, 2024, the U.S. Department of Labor (DOL) issued the 2024 inflation-adjusted civil monetary penalties that may be assessed for a wide variety of employee benefits compliance violations. The new amounts are effective January 15, 2024.
Listed below are 2024 penalty increases specifically related to health benefits compliance:
Summary of Benefits and Coverage (SBC)
- Failure to provide group health plan participants and beneficiaries with an SBC may now result in a penalty of up to $1,406 per participant or beneficiary.
- This penalty increased from $1,362 for 2023 violations.
Form 5500 Filings
- Failure to file an annual Form 5500 with the DOL can now result in a penalty of up to $2,670 per day.
- This penalty increased from $2,586 per day for 2023 violations.
Multiple Employer Welfare Arrangement (MEWA) filings
- Failure of a MEWA to file an annual report (Form M-1) with the DOL can now result in a penalty of up to $1,942 per day.
- This increased from $1,881 per day for 2023 violations.
Children’s Health Insurance Program (CHIP) Notice
- Failure to provide the annual notice regarding CHIP coverage opportunities may now result in a penalty of up to $141 per day per employee.
- This increased from $137 per day per employee for 2023 violations.
Failure to Furnish DOL-Requested Plan Information
- Failure to provide plan-related information requested by the DOL can now result in penalties of up to $190 per day (not to exceed $1,906 per request).
- This increased from $184 per day (not to exceed $1,846 per request) for 2023 violations.
