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Higher Benefit Plan Penalties Loom, Putting Employers on Guard - SHRM

Aug 12, 2016

benefits_penalties.jpgImage: SHRM

Stephen Miller writes for the Society of Human Resources Management, “On July 1, the U.S. Department of Labor (DOL) published an interim final rule with a list of increased penalty amounts for violations of the Employee Retirement Income Security Act (ERISA), the Family and Medical Leave Act (FMLA), the Fair Labor Standards Act (FLSA), and other employee benefit and pay statutes.

Read the full article from SHRM.

Such a comprehensive list of penalty adjustments "is a harbinger that the agencies are going to have a renewed focus on enforcement," said Kim Buckey, vice president of compliance communications at Birmingham, Ala.-based DirectPath, an employee engagement and health care compliance firm. "Employers should take this as a signal to investigate their processes and notices to make sure they're in compliance."

Buckey recommends that employers conduct self-audits, using the new list of penalties as a checklist to be sure their organization is meeting all requirements. Buckey also says that an annual legal notices brochure is a great way to make sure all employees receive required notices on an annual basis.

Wondering if you are in or out of compliance with your employee healthcare benefits?  Give us a call to find out how we can help your organization secure an ACA-compliant plan that provides better benefits for less cost to your company and your employees.

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The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. This communication does not constitute a legal opinion and should not be relied upon for any purpose other than its intended educational purpose.

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