In July 2024, the IRS released draft 2024 forms for reporting under Internal Revenue Code Sections 6055 and 6056. Thereafter, on Sept. 4, 2024 and Sept.13, 2024, respectively, the draft instructions for the B series forms and C series forms were released.

• The 2024 draft Forms 1094-B and 1095-B (and related draft instructions) are draft versions of forms and instructions that will be used by providers of minimum essential coverage—including self-insured plan sponsors that are not applicable large employers (ALEs)—to report under Section 6055.
• The 2024 draft Forms 1094-C and 1095-C (and related draft instructions) are draft versions of forms that will be used by ALEs to report under Section 6056 as well as for combined Section 6055 and 6056 reporting by ALEs that sponsor self-insured plans.

No major changes were made to the draft forms or instructions for 2024 reporting. However, certain changes may be made once the forms and instructions are finalized.

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On Sept. 11, 2024, in Mayfield v. U.S. Department of Labor, the U.S. Court of Appeals for the 5th Circuit held that the U.S. Department of Labor’s (DOL)authority to define and delimit the terms of the executive, administrative and professional (EAP) exemptions includes the power to set a minimum salary for exemption under the Fair Labor Standards Act (FLSA).

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Through Compliance Assistance Release No. 2024-01, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) is confirming that the cybersecurity guidance it issued in April 2021 generally applies to all employee benefit plans, including health and welfare plans.

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On Sept. 9, 2024, the Departments of Labor, Health and Human Services, and the Treasury (Departments) released a final rule to strengthen the requirements of the Mental Health Parity and Addiction Equity Act (MHPAEA). According to the Departments, the final rule is designed to achieve MHPAEA’s purpose of ensuring individuals with private health coverage do not face greater restrictions to obtaining mental health and substance use disorder (MH/SUD) benefits than they would face for medical/surgical (M/S) benefits.

Significantly, the final rule adds protections against more restrictive non quantitative treatment limitations (NQTLs). For example, the final rule requires group health plans and health insurance issuers to collect and evaluate data related to the NQTLs they place on MH/SUD care and make changes if the data shows they are providing insufficient access.

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On Sept. 6, 2024, the IRS released Revenue Procedure 2024-35 to index the contribution percentage in 2025 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2025, employer-sponsored coverage will be considered affordable under the ACA’s “pay-or-play” rules if the employee’s required contribution for self-only coverage does not exceed 9.02% of their household income for the year.

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The Internal Revenue Service (IRS) has released draft 2024 forms for reporting under Internal Revenue Code Sections 6055 and 6056. Draft instructions for these forms have not yet been released.

• The 2024 draft Forms 1094-B and 1095-B (and related draft instructions) are draft versions of forms and instructions that will be used by providers of minimum essential coverage—including self-insured plan sponsors that are not applicable large employers (ALEs)—to report under Section 6055.
• The 2024 draft Forms 1094-C and 1095-C are draft versions of forms that will be used by ALEs to report under Section 6056 as well as for combined Section 6055 and 6056 reporting by ALEs that sponsor self-insured plans.

No major changes were made to the draft forms, or the draft B series instructions, for 2024 reporting.
However, certain changes may be made once the forms and instructions are finalized.

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The IRS is reminding businesses that, starting in tax year 2023, changes under the SECURE 2.0 Act may affect the amounts they need to report on their Forms W-2. On Aug. 29, 2024, the agency released a
fact sheet that details the provisions potentially affecting Forms W-2 (including Forms W-2AS, W-2GU andW-2VI).

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On Aug. 30, 2024, the U.S. Department of Labor’s (DOL) Occupational Safety and Health Administration (OSHA) published a notice of proposed rulemaking in the Federal Register to protect workers from heat injury and illness. If finalized, the new standard would apply to all employers conducting indoor and outdoor work in all general industry, construction, maritime and agricultural sectors where OSHA has jurisdiction, subject to limited exceptions.

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On Aug. 23, 2024, in Restaurant Law Center v. U.S. Department of Labor, the U.S.Court of Appeals for the 5th Circuit vacated the U.S. Department of Labor’s(DOL) 2021 final rule that updated tip credit regulations under the Fair Labor Standards Act (FLSA). This rule is known as the 80/20/30 rule.

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On Aug. 19, 2024, the IRS issued Notice 2024-63, providing interim guidance for sponsors of 401(k) and similar retirement plans that provide or wish to provide matching contributions based on qualified student loan payments (QSLPs) madeby their participating employees.

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