It’s so important for employers to understand the requirements around annual notices and annual delivery of theirs SPDs and their SBCs. There is great potential for a penalty if an employee were to request that document and not receive it within 30 days; those penalties can be up to $100 per day per violation if the DOL were to start an audit and get involved. Not to mention, there may be additional penalties as well. The confusion lies with the delivery a lot of times of how to actually deliver these planned documents and these notices to their employees. There are a number of options for employers to take in order to deliver the notices and their plan documents annually. Listen below as our Director of Compliance, Tamalyn Wandler, JD explains the electronic and non-electronic options and their requirements.
Want to learn more about electronic and non-electronic delivery methods? Download our guides below for a breakout of each method, along with sample notices, consent forms, and request for copy of document form.
The information provided herein does not, and is not intended to, constitute tax or legal advice; instead, all information, content, and materials herein have been provided for general informational purposes only. Recipients of this information should contact their attorney and/or accountant to obtain advice with respect to any particular tax or legal matters. Insurance services are offered through Innovative Benefit Planning, LLC.; Investment advisory services are offered through Innovative Investment Fiduciaries, LLC, an independent Registered Investment Advisory firm; Discretionary investment advice may be provided through Main Street Financial Life Advisors, LLC, an independent Registered Investment Advisory firm offering unbiased, fee-based advisory services.
2022 Employer Compliance Calendar
Are you finding it difficult to keep up with the constant changes in the compliance landscape? We understand that HR professionals have other important items on their plate so we have put together a 17 page calendar that will insure employers are meeting deadlines to remain compliant in the workplace. Click below to download our calendar!
