Business Compliance
Tax Reform: Changes for Businesses Compliance - It is the Law Employers must meet IRS and Department of Labor (DOL) regulations to avoid penalties for non-compliance. The requirements are based on the number of employees at the business. 1-19 Employees: 20-49 Employees: (Add-on) 50-99 Employees: (Add-on) Non-Compliance can be Costly Description of ERISA Violations Subject to Penalty~2018 Penalty Amount Form 5500. Failure to file ~ Up to $2,140 per day Form M-1. Failure to file by multiple employer welfare arrangement (MEWA) ~ Up to $1,558 per day Failure to furnish information requested by DOL under ERISA § 104(a)(6) ~ Up to $152 per day not to exceed $1,527 per request SBC. Failure to provide Summary of Benefits Coverage. Public Health Services Act section 2715(f), as incorporated into ERISA § 715 and 29 CFR 2590, 715-2715(e). ~ Up to $1,128 per failure CHIP. Employer failure to inform employees of CHIP coverage opportunities under ERISA § 701 (f)(3)(B)(i)(I)- each employee a separate violation ~Up to $114 per day GINA. Failure by any group health plan sponsor, or any health insurance issuer, to meet the requirements of ERISA §§ 702 (a)(1)(F), (b)(3), (c) or (d); or § 701; or § 702(b)(1) with respect to genetic information~$114 per day during non-compliance period GINA. Minimum penalty for de minimis violations of GINA (genetic information requirements) not corrected prior to notice from DOL.~$2,847 minimum GINA. Minimum penalty for non-de-minimis violations that are not corrected prior to notice from DOL.~ $17,084 minimum GINA. Cap on unintentional failures to meet genetic information requirements ~$569,468 maximum Description of Non-ERISA Violations Subject to Penalty~2018 Penalty Amount FLSA. Repeated or willful violations of overtime or minimum wage requirements. ~ Up to $1,964 per violation FMLA. Willful failure to post FMLA general notice. ~ Up to $169 per violation OSHA. Violation of posting requirements. ~ Up to $12,934 per violation Section 125 |
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