Compliance Overview – DOL’s Cybersecurity Program Best Practices for Plan Fiduciaries
The U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) has provided
guidance to assist plan fiduciaries and recordkeepers in their responsibilities to manage cybersecurity risks. According to EBSA, pension plans and health and welfare plans covered by the Employee Retirement Income Security Act of 1974 (ERISA) often hold millions of dollars or more in assets and store and/or transfer participants’ personally identifiable data, which can make them tempting targets for cybercriminals.
Compliance Bulletin – Mental Health Parity: New Comparative Analyses Requirements
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). The final rule focuses on nonquantitative treatment limitations (NQTLs) that health plans and health insurance issuers place on mental health and substance use disorder (MH/SUD) benefits.
Health Literacy Month (October)
October is Health Literacy Month. Those with low health literacy may not receive equal medical and
behavioral care because they do not have the same level of understanding as their provider. Ways to
improve health literacy include asking questions, researching your medical conditions, checking for
handouts or materials at the doctor’s office and having further conversations with your provider.
Benefits Buzz – ACA’s Pay-or-Play Affordability Percentage Increases for 2025
On Sept. 6, 2024, the IRS released the affordability percentage threshold for 2025 plan years under the Affordable Care Act’s(ACA) pay-or-play rules. These rules require ALEs to offer affordable, minimum-value health coverage to their full-time employees (and dependents) or risk paying a penalty.
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. This is an increase from the affordability percentage for 2024 plan years (8.39%). Due to this increase, applicable large employers (ALEs) may have more flexibility when setting employee contribution levels for the 2025 plan year.
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.
