Like clockwork, every January the Department of Labor releases the annual penalty fees. They are typically increased to match inflation. We have the 2022’s available for you:
Wrangle is here to support you if you or your client has missed a Form 5500 filing date, or needs assistance with ERISA Wrap Plan Docs.
| Civil Penalty/Monetary Penalty Description
|
2022’s Max Penalty Fee | 2021’s Max Penalty Fee | Notes: |
| Failure or refusal to file Form 5500 | $2,400/day | $2,259/day | |
| Failure to furnish employee benefit plan documents to the DOL (including plan and trust documents, SPDs, SMMs, or collective bargaining agreements) | $171/day late, up to $1,713/request | $161/day late, up to $1,613/request | If a participant requests in writing and the Plan Sponsor does not respond in 30 days, the penalty is $110 per day |
| Failure by the employer to inform employees of Medicaid/CHIP coverage opportunities (notice is included on our SPD) | $127/day | $120/day | |
| Failure to file an annual MEWA required report (M-1) | $1,746/day | $1,644/day |
Please note: The chart above reflects only a handful of those released on January 15th. For the complete list, click here.