The U.S. Department of Labor (DOL) has increased the penalties employers face for failing to furnish a Summary Plan Description (SPD), Summary of Benefits and Coverage (SBC), and Employer Children’s Health Insurance Program (CHIP) Notice as follows:
- SPD: Failure to furnish an SPD to the DOL upon request may now result in a penalty of up to $156 per day (not to exceed $1,566 per request).
- SBC: Failure to provide group health plan participants and beneficiaries with an SBC may now result in a penalty of up to $1,156 per participant or beneficiary.
- Employer CHIP Notice: Failure to provide an Employer CHIP Notice to employees in states that offer group health plan premium assistance through a state Children’s Health Insurance Program may now result in a penalty of up to $117 per day per employee.
Visit the Benefits Notices by Company Size section of your online HR library for information on how to comply with these notice requirements.
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