Holistic Review of Business Practices
Creating a Holistic Review of Business Practices Businesses are constantly shifting as they grow and adapt to changing laws and regulations. Ongoing reviews of key business functions and internal practices
Depending on the compliance violation the Department of Labor (DOL), Internal Revenue Service (IRS) or Department of Health & Human Services (HHS) may impose fines or penalties. Below are a few possible examples.
Failure to provide written requested ERISA plan documents, Summary Plan Descriptions, Summary of material modifications, etc. |
$119 per day up to $594,129 |
DOL |
Late 5500 Report | $25 per day up to $15,000 – IRS $1,100 per day, no cap – DOL | IRS DOL |
Failure to File annual 5500 Report | $2,259 per day | DOL |
Failure to furnish statement of benefits or to maintain records |
$31 per employee |
DOL |
Failure to notify plan participants of benefit restrictions and/or limitations |
$1,788 per day |
DOL |
Failure to furnish automatic contribution arrangement notice |
$1,788 per day |
DOL |
Failure to furnish employee benefit plan documents to DOL upon request | $161 per day up to $1,613 per request |
DOL |
Failure to inform employees of Medicaid/CHIP coverage opportunities |
$120 per day per employee |
DOL |
GINA violation |
$120 per day per participant |
DOL |
Failure to provide Summary of Benefits Coverage (SBC) |
Up to $1,190 per failure |
DOL |
FMLA posting & notice violation | $176 for each offence | DOL |
Allowing premiums to be paid on a pre-tax basis for covered benefits without having either a Premium Only Plan (POP) document or Flexible Spending Account (FSA) document. | Penalty: Employer can lose the ability to allow premiums on a pre-tax basis. |
IRS |
HIPAA violations | $119 to $59,522 per violation up to $1,785,651. |
DOL or HHS |
MEWA – failure or refusal to file a complete or accurate Form M-1 |
$1,644 a day |
DOL |
Other – This is only a partial list of possible fines and penalties |
Creating a Holistic Review of Business Practices Businesses are constantly shifting as they grow and adapt to changing laws and regulations. Ongoing reviews of key business functions and internal practices
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