For those covering any dependents the new maximum allowance will be $6,750.
They’re serious now…the penalties are getting real from the Department of Labor.
They have not made any adjustments in some time, but that time has now ended.
Effective immediately, and with future adjustments to be made every January 15, the penalties for non compliance with various parts of the DOL edicts are as follows:
Failure to file a 5500 form – raised from $1,100 per day to $2,063 per day – each day late
Failure to provide a SBC to employees is raised from $1,000 to $1,087 per failure
Failure to provide a 401k preemption notice when automatic contribution arrangements are in place is raised from $1,000 to $1,632 per day of noncompliance
So yeah, get it done…