| Penalty | 2024 | 2023 |
| FORM 5500 | ||
| Late Form 5500 per filing, no cap, no statute of limitations | up to $2,670 per day[i] | up to $2,586 per day[ii] |
| DOL Late-Filer Enforcement Program | $50 per day | |
| DOL Non-Filer Enforcement Program per filing | $300 per day up to $30,000 per year | |
| Delinquent Filer Voluntary Correction Program | ||
| small plans | $10 per day up to $750 per year, maximum $1,500 per plan for multiple years | |
| large plans | $10 per day up to $2,000 per year, maximum $4,000 per plan for multiple years | |
| small 501(c)(3) sponsor | $10 per day, capped at $750 | |
| RETIREMENT PLANS | ||
| VCP Fees (user fees, not technically penalties) | ||
| $0 to $500,000 | $1,500 | |
| $500,001 to $10,000,000 | $3,000 | |
| over $10,000,000 | $3,500 | |
| HEALTH PLANS | ||
| ACA Employer Mandate Penalties | ||
| A Penalty (offer of minimum essential coverage) per full-time employee, less 30 | $2,970 | $2,880 |
| B Penalty (affordable and minimum value) per full-time employee receiving a subsidy | $4,460 | $4,320 |
| Form 1095-C Penalties are per form which is inaccurate, incomplete, late or missing. Note that a 3-year statute of limitations will generally apply to inaccurate, incomplete, or late forms, but there is no statute of limitations on missing forms. Increased penalties, with no maximum, apply if there is intentional disregard for this requirement. | ||
| Form 1095-C to the IRS | $310 for the 2023 calendar year, not to exceed $3,783,000 ($1,261,000 for small businesses), if filed after August 1, 2024 | $290 for 2022 calendar year, not to exceed $ 3,532,500 ($1,177,500 for small businesses), if filed after August 1, 2023 |
| Form 1095-C Statement to Participant | $310 for the calendar year, not to exceed $3,783,000 ($1,261,000 for small businesses), if furnished after August 1, 2024 | $290 for 2022 calendar year, not to exceed $ 3,532,500 ($1,177,500 for small businesses), if furnished after August 1, 2023 |
| COBRA | ||
| Excise Taxes | $100 per day ($200 per day if multiple qualified beneficiaries affected by same qualifying event). For single employer plans who have an inadvertent failure, there is an overall limit of $500,000, or if less, 10% of the amount the employer paid or incurred during the preceding taxable year for group health plans | |
| Statutory Penalties for Failure to Provide Initial COBRA Notice or Election Notice | up to $110 per day | |
| OTHER ERISA | ||
| Failure to Provide Plan Documents Within 30 days of Written Request | up to $110 per day | |
| Prohibited Transactions Excise Tax | Initially, 15% of the amount involved; if unpaid for more than one tax year, penalties increase in a pyramiding effect | |
[i] Beginning with penalties assessed on or after January 15, 2024
[ii] Beginning with penalties assessed on or after January 15, 2023 and before January 15, 2024