The Department of Labor has increased the 2019 penalty amounts for failing to provide required documentation of employer-sponsored benefit plans. It is increasingly important that all employers are aware of the requirements and their duty to provide this documentation in a timely manner. The new 2019 penalty amounts are as follows:
- Failure to provide Summaries of Benefits and Coverage (SBCs) to participants and beneficiaries: up to $1,156/participant or beneficiary
- Failure to provide Children’s Health Insurance Program (CHIP) Notices in eligible states: up to $117/day/employee
- Failure to provide Summary Plan Descriptions (SPDs) to the Department of Labor when requested: up to $156/day (maximum of $1,566/request)
If you have questions about these documents or your obligations as they relate to your employee benefit plan, contact our knowledgeable benefits team here.