FTC Announces Rule Banning Noncompetes On April 23, 2024, the Federal Trade Commission (FTC) voted to issue a final rule that would ban noncompete agreements in virtually all employment relationships. The final rule has not yet been filed in the Federal Register, but is scheduled to take effect 120 days after such filing. Final [...]
DOL Announces Final Overtime Rule Increasing Salary Levels for White-collar Employees DOL Announces Final Overtime Rule Increasing Salary Levels for White-collar Employees On April 23, 2024, the U.S. Department of Labor (DOL) announced a final rule to amend current requirements employees in white-collar occupations must satisfy to qualify for an overtime exemption under the [...]
On April 23, 2024, the U.S. Department of Labor (DOL) announced a final rule to amend current requirements employees in white-collar occupations must satisfy to qualify for an overtime exemption under the Fair Labor Standards Act (FLSA). The FLSA white-collar exemptions apply to individuals in executive, administrative, professional (EAP), and some outside sales and computer-related [...]
DOL Issues Final Retirement Security Rule and Related Amendments to PTEs On April 23, 2024, the U.S. Department of Labor (DOL) issued a final retirement security rule updating the definition of an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). The DOL also separately released amendments to class prohibited [...]
Inflation Rose 3.5% in March, More Than Expected The U.S. Bureau of Labor Statistics (BLS) reported that the consumer price index (CPI) rose 3.5% year over year in March, accelerating from 3.2% in February. The month’s gain exceeded the Dow Jones forecast of a 3.4% year-over-year level. The “core” CPI, which strips out the [...]
Health-related Productivity Costs While offering health coverage and benefits for employees and dependents is a major business expense, lost productivity due to physical and emotional health problems can be far more costly for employers. Lost productivity is classified in two ways: presenteeism and absenteeism. While absenteeism means that the employee is physically not at [...]
Health Savings Account (HSA) Contribution Rules Health Savings Account (HSA) Contribution Rules Many employers offer high deductible health plans (HDHPs) to control premium costs and then pair this coverage with health savings accounts (HSAs) to help employees with their health care expenses. An HSA is a tax-favored trust or account that can be contributed [...]
Deadline Reminder: RxDC Reports Are Due by June 1, 2024 Group health plans and health insurance issuers must annually submit detailed information on prescription drug and health care spending to the federal government. This reporting is referred to as the “prescription drug data collection” (or “RxDC report”). This is an annual reporting requirement—plans and [...]
Court Ruling Expected Soon on Free Preventive Care The 5th U.S. Circuit Court of Appeals is expected to issue a decision within the next few months regarding the constitutionality of the Affordable Care Act’s (ACA) preventive care mandate. The ACA requires non-grandfathered health plans and health insurance issuers to cover a set of recommended [...]
ACA Information Reporting Penalties Increased for Returns Filed in 2025 IRS Revenue Procedure 2023-34 includes updated penalty amounts that may apply to reporting entities that fail to comply with the Affordable Care Act’s (ACA) requirements under Internal Revenue Code Sections 6055 and 6056. The increased amounts apply to 2024 information returns and individual statements [...]
