Compliance Bulletin – Form 5500 Is Due by July 31 for Calendar Year Plans
Each year, employers must file an annual report with the Department of Labor (DOL) for their ERISA covered employee benefit plans, unless a filing exemption applies. The annual reporting obligation is generally satisfied by filing the Form 5500 “Annual Return/Report of Employee Benefit Plan,” including all required schedules and attachments. The Form 5500, including required schedules and attachments, must be filed electronically using the DOL’s EFAST2 electronic filing system.
The Form 5500 must be filed by the last day of the seventh month following the end of the plan year unless an extension applies. For calendar year plans, the deadline is normally July 31 of the following year. An employer may request a one-time extension of 2.5 months by filing IRS Form 5558 by the normal due date of the Form 5500. If the Form 5558 is filed on or before the normal due date of the Form 5500 or 5500-SF, the extension is automatically granted.
Compliance Bulletin – How the DOL’s New Overtime Rule Could Impact Employee Benefits
A recent U.S. Department of Labor (DOL) final rule increases the salary thresholds used to determine whether executive, administrative and professional (EAP) employees are exempt from overtime pay under federal law. While the increased thresholds are likely to result in a significant number of employees who were previously exempt now qualifying for overtime pay, employers must also consider how the increased thresholds may indirectly affect their benefit offerings.
Compliance Tracker – June
Upcoming Compliance Dates:
A | Deadline for RxDC Reporting – June 1, 2024
Group health plans must annually submit detailed information on prescription drug and health care spending to the federal government.
B | Deadline EEO-1 Reporting – June 4, 2024
Private-sector employers with 100 or more employees and federal contractors with 50 or more employees meeting certain criteria must submit demographic workforce data to the EEOC each year as part of the EEO-1 data collection.
HR Compliance Bulletin: Group Health Plan Fiduciary Litigation on the Rise
Enforcement of the strict standards of fiduciary conduct set forth in the Employee Retirement Income Security Act (ERISA) has traditionally been reserved for retirement plan sponsors. However, a new class action lawsuit highlights the importance of employers’ adherence to their fiduciary duties when managing their group health plans.
Click here to view and download the latest HR Compliance Overview
HR Compliance Bulletin: DOL Issues Guidance on AI and FMLA Administration
The Wage and Hour Division (WHD) of the U.S. Department of Labor recently published a Field Assistance Bulletin (FAB) warning that the use of artificial intelligence (AI) and other automated systems could cause employers to violate laws WHD enforces, including the federal Family and
Medical Leave Act (FMLA).
Click here to view and download the latest HR Compliance Overview
HR Compliance Bulletin: Overview of the EEOC’s Workplace Guidance to Prevent Harassment
On April 29, 2024, the U.S. Equal Employment Opportunity Commission (EEOC) published its final guidance on harassment in the workplace, which went into effect immediately upon issuance. The guidance explains how the EEOC may enforce equal employment opportunity (EEO) laws against an employer when workplace harassment is alleged or suspected.
Click here to view and download the latest HR Compliance Overview
Compliance Bulletin – HSA/HDHP Limits Will Increase for 2025
On May 9, 2024, the IRS released Revenue Procedure 2024-25 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2025. The IRS is required to publish these limits by June 1 of each year.
Employers sponsoring HDHPs should review their plan’s cost-sharing limits (i.e., the minimum deductible amount and maximum out-of-pocket expense limit) when preparing for the plan year beginning in 2025.
Compliance Bulletin – Preparing for the FTC’s Noncompete Ban
On April 23, 2024, the Federal Trade Commission (FTC) voted to issue a final rule that would prohibit employers from entering into or enforcing noncompete clauses with most employees. The final rule was published in the Federal Register on May 7,2024, and is scheduled to take effect 120 days after such date on Sept. 4, 2024.
Compliance Tracker – May
No key compliance deadlines for May 2024
Upcoming Compliance Dates:
A | Submit RxDC Report – June 1, 2024
Group health plans must annually submit detailed information on prescription drug and health care spending to the federal government.
B | File EEO-1 Report – June 4, 2024
Private-sector employers with 100 or more employees and federal contractors with 50 or more employees meeting certain criteria must submit demographic workforce data to the EEOC each year as part of the EEO-1 data collection.
Compliance Bulletin – Medicare Part D Changes May Impact Creditable Coverage Status of Employer Plans
The Inflation Reduction Act of 2022 (IRA) includes several cost-reduction provisions affecting Medicare Part D plans, which may impact the creditable coverage status of employer-sponsored prescription drug coverage beginning in 2025.
Employers that provide prescription drug coverage to individuals who are eligible for Medicare Part D must inform these individuals and the Centers for Medicare and Medicaid Services (CMS) whether their prescription drug coverage is creditable, meaning that the employer’s prescription drug coverage is at least as good as Medicare Part D coverage
Client and Employee Resources
The more your employees understand your benefit plans the more they become educated, empowered consumers. The programs you provide will also gain an enhanced value.
As your strategic partners in employee benefits, we can provide multiple avenues of ongoing support, including:
- Employee Meetings (English and Spanish)
- Webcasts
- Payroll Stuffers
- Poster Campaigns
- Newsletters
Carrier Directories
E-Verify is a web-based system that allows enrolled employers to confirm the eligibility of their employees to work in the United States. Click the image below to begin.
