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 [...]
Form 5500 Deadline is July 31st Each year, employers that are subject to the Employee Retirement Income Security Act of 1974 (ERISA) must electronically file an annual report (Form 5500) for each employee benefit plan they maintain unless a filing exemption applies. Employers with employee benefit plans that operate on a calendar year basis [...]
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 [...]
Preparing for the DOL’s New Overtime Rule In early March 2024, the U.S. Department of Labor’s (DOL) proposed overtime rule, announced in August 2023, entered its last stage of review. Publication of the final rule is expected soon. The rule would amend the requirements that employees in certain white-collar occupations must satisfy to qualify [...]
The Consolidated Omnibus Budget Reconciliation Act (COBRA) allows individuals to continue their group health plan coverage in certain situations. Specifically, COBRA requires group health plans to offer continuation coverage to covered employees and dependents when coverage would otherwise be lost due to certain specific events. These events include the death of a covered employee, termination [...]
Upcoming Filing Deadlines A | Provide Affordable Care Act (ACA) Statements to Employees March 1, 2024 Applicable large employers (ALEs) and non-ALEs with self-insured health plans must furnish ACA coverage statements to employees by March 1, 2024. B | Submit Electronic Reports to OSHA March 2, 2024 Employers subject to OSHA’s electronic reporting requirement must [...]
On June 29, 2023, the Equal Employment Opportunity Commission (EEOC) announced that the date for employers to begin submitting 2022 EEO-1 Reports is delayed again, this time with a tentative new opening date in the fall of 2023. The EEOC had previously extended the expected opening date for 2022 EEO-1 reporting until mid-July 2023. Under [...]
Employers with employee benefit plans that operate on a calendar year basis must file their annual reports (Forms 5500) for 2022 with the Department of Labor (DOL) by July 31, 2023. An employer may extend this deadline by two and one-half months (until Oct. 16, 2023) by filing IRS Form 5558 by July 31, 2023. This [...]
On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. The IRS is required to publish these limits by June 1 of each year. These limits include: The maximum HSA contribution limit; The minimum deductible amount for [...]
The U.S. Equal Employment Opportunity Commission (EEOC) recently released technical assistance focusing on preventing discrimination against applicants and employees because of employers’ use of algorithmic decision-making tools when making employment decisions. The document explains how key aspects of Title VII of the Civil Rights Act (Title VII) apply to an employer’s automated systems, including those [...]
