Compliance Tracker – July
Upcoming Compliance Dates:
A | Final Deadline for EEO-1 Data Collection – July 9, 2024
Private-sector employers with 100 or more employees and certain federal contractors must file EEO-1 reports with the Equal Employment Opportunity Commission (EEOC) each year. No additional reports for 2023 will be accepted by the EEOC after July 9, 2024.
B | Regular Deadline for Filing Form 5500 (Calendar-year Plans Only) – July 31, 2024
Employers with ERISA-covered employee benefit plans that operate on a calendar year must file Form 5500 for the 2023 plan year by July 31, 2024, unless an extension is requested or a reporting exemption applies.
C | Deadline for Paying PCORI Fees(Self-insured Plans Only) – July 31, 2024
Employers with self-insured health plans must report and pay fees to fund the Patient-Centered Outcomes Research Institute (PCORI) by July 31, 2024.
Live Well, Work Well – Beat the Summer Heat (July)
Summer heat can be more than uncomfortable; it can threaten your health, especially for older adults and children. Hot and humid weather can make it more challenging for your body to cool down, leading to heat-related illnesses. If left untreated,heat-related illnesses can become life-threatening. In fact, heat-related deaths have been on the rise in the United States.
The CDC reports that heat-related deaths in the country have been increasing, with approximately 1,602 occurring in 2021, 1,722 in 2022, and 2,302 in 2023.
View and download the latest Live Well, Work Well newsletter
Benefits Buzz – PCORI Fees are Due by July 31st and Group Health Plan Fiduciary Litigation on the Rise
The Affordable Care Act requires employers with self-funded health plans and health insurance issuers to pay Patient-Centered Outcomes Research Institute fees (PCORI fees). The fees are reported and paid annually using IRS Form 720, the Quarterly Federal Excise Tax Return. Form 720 and full payment of the PCORI fees are due by July 31 of each year and generally covers plan years that end during the preceding calendar year.
The Employee Retirement Income Security Act of 1974 (ERISA) includes strict standards of conduct for fiduciaries, those who manage employee benefit plans and their assets. A new class action lawsuit
highlights the importance of employers’ adherence to their fiduciary duties when managing their group health plans.
Live Well, Work Well – Combating Summertime Stressors
Summertime is often associated with sunny days, relaxation and vacations. However, it can also bring unique stressors that, if not managed, can impact an individual’s well-being. From the pressure of planning vacations to the physical toll of extreme heat, summertime stressors can creep into your life. Understanding these stressors and how to combat them is essential for enjoying the season to its fullest.
View and download the latest Live Well, Work Well newsletter
News Brief: Heart Disease Is Now Second Costliest Ailment for U.S. Employers
A new report by independent stop-loss provider Sun Life revealed that cardiovascular disease rose to second place on the list of highest stop-loss claim reimbursements during 2020-23. This rise is significant, as the condition surpassed blood cancers for the first time in 12 years since the report began.
Sun Life’s annual report analyzed 60,000 stop-loss claims from a member database of 6 million people. Nearly three-quarters(72%) of all stop-loss claims came from the top 10 conditions, and 37% of claim reimbursements came from the top three conditions.
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.
