Employers may face substantially increased penalties under the Employee Retirement Income Security Act of 1974 (ERISA) starting in January 2017. The U.S. Department of Labor recently released an “interim final rule”, which outlines a rise in penalties for certain violations of ERISA including failure to file Form 5500, failure to provide Group Health Plan Notices, and failure to issue blackout notices. Employers should review the complete list of regulations to ensure they are in compliance.
For the complete list of increased penalties, please click here.
For more information, please click here.