Goldman & Associates Insurance Financial Services, Inc.
Business Compliance
Compliance - It is the Law
Employers must meet IRS and Department of Labor (DOL) regulations to avoid penalties for non-compliance. The requirements are based on the number of employees at the business.
1-19 Employees:
ERISA
Annual ERISA & ACA Notices
Annual Medicare Part D Notice
Massachusetts Continuation (Mini-COBRA)
HIPPA (if FSA, HRA or self-insured medical plan and managed by 3rd party)
ACE Employer Reporting (self-insured)
20-49 Employees: (Add-on)
COBRA (not Mini-Cobra)
50-99 Employees: (Add-on)
Family Medical Leave Act (FMLA)
IRS Form 5500
Non-Compliance can be Costly
Description of ERISA Violations Subject to Penalty~2018 Penalty Amount Form 5500. Failure to file ~ Up to $2,140 per day
Failure to furnish information requested by DOL under ERISA § 104(a)(6) ~ Up to $152 per day not to exceed $1,527 per request
SBC. Failure to provide Summary of Benefits Coverage. Public Health Services Act section 2715(f), as incorporated into ERISA § 715 and 29 CFR 2590, 715-2715(e). ~ Up to $1,128 per failure
CHIP. Employer failure to inform employees of CHIP coverage opportunities under ERISA § 701 (f)(3)(B)(i)(I)- each employee a separate violation ~Up to $114 per day
GINA. Failure by any group health plan sponsor, or any health insurance issuer, to meet the requirements of ERISA §§ 702 (a)(1)(F), (b)(3), (c) or (d); or § 701; or § 702(b)(1) with respect to genetic information~$114 per day during non-compliance period
GINA. Minimum penalty for de minimis violations of GINA (genetic information requirements) not corrected prior to notice from DOL.~$2,847 minimum
GINA. Minimum penalty for non-de-minimis violations that are not corrected prior to notice from DOL.~ $17,084 minimum
GINA. Cap on unintentional failures to meet genetic information requirements ~$569,468 maximum
Description of Non-ERISA Violations Subject to Penalty~2018 Penalty Amount FLSA. Repeated or willful violations of overtime or minimum wage requirements. ~ Up to $1,964 per violation
FMLA. Willful failure to post FMLA general notice. ~ Up to $169 per violation
OSHA. Violation of posting requirements. ~ Up to $12,934 per violation
Section 125