Atlantic Pension Services Inc
Compensation Strategies Group, Ltd.
ERISA Services, Inc.
Creative Pension Consultants, Inc.
Nicholas Pension Consultants
Nova 401(k) Associates
The Retirement Plan Company (TRPC)/an ABG firm
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|IRS Confirms Penalty Amounts for Pay or Play Penalties for 2015 and 2016|
Graydon Head & Ritchey LLP
Dec. 17, 2015
"With a mere two weeks to go in 2015, the IRS finally confirmed in a Notice that the penalty amounts for 2015 would be increased to $2,080 ($173.33/month) and $3,120 ($260/month).... A large employer who does not offer coverage to substantially all of its full-time employees in 2016 will be subject to an annual penalty of $2,160 ($180/month) multiplied by all of its full-time employees less 30 in 2016. An employer who does not offer minimum value, affordable coverage to a full-time employee who goes to the exchange and receives financial assistance will receive an annual penalty of $3,240 ($270/month) per full-time employee that goes to the exchange and receives financial assistance."
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