DOL Penalties Aren't Cheap, Compliance Support Available
The Department of Labor (DOL) has released its 2024 inflation-adjusted civil monetary penalties that may be assessed on employers for violations of a wide range of federal laws, including:
The Fair Labor Standards Act (FLSA)
The Employee Retirement Income Security Act (ERISA)
The Family and Medical Leave Act (FMLA)
The Occupational Safety and Health Act (OSH Act)
To maintain their deterrent effect, the DOL is required to adjust these penalties for inflation no later than Jan. 15 of each year.
Key penalty increases include the following:
The maximum penalty for violations of federal minimum wage or overtime requirements increases from $2,451 to $ 2,515 per violation.
The maximum penalty for failing to file a Form 5500 for an employee benefit plan increases from $2,670 to $2,739 per day.
The maximum penalty for violations of the poster requirement under the FMLA increases from $211 to $216 per offense.
The increased amounts apply to civil penalties that are assessed after Jan. 15, 2025 (for violations occurring after Nov. 2, 2015).
Employer Takeaways
To minimize potential liability, employers should review their compliance with laws enforced by the DOL.
Employers should become familiar with the new penalty amounts and review their pay practices, benefit plan administration, and safety protocols to ensure compliance with federal requirements.
Employers may review the updated penalty amounts here.
Compliance Support For Employee Benefits
Are you looking for help maintaining compliance with all the changing rules? Contact The Siekmann Company today for more resources.
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