Civil Monetary Penalties Announced for 2024
Civil Monetary Penalties Announced for 2024 The Department of Labor (DOL) has announced the Civil Monetary Penalties for 2024. Federal agencies are required to review the penalty amounts annually to adjust for inflation, a requirement established in 2015 as part of the Federal Civil Penalties Inflation Adjustment Act Improvements Act. The penalties are adjusted with […]
Cyber-threat Reported by Change Healthcare and UnitedHealth Group
On February 21, 2024, Change Healthcare released information regarding a cyber security issue resulting in an enterprise-wide network interruption. Change Healthcare is part of the health services provider Optum, Inc., which is owned by UnitedHealth Group. By Thursday, February 22nd, both Change Healthcare and UnitedHealth acknowledged the issue and announced it was anticipated the threat […]
Guidance On Coverage For Contraceptives
The Affordable Care Act (ACA) Implementation FAQs Part 64, issued on January 22, 2024, provide guidance on preventive service coverage. Prepared by the Departments of Labor, Health and Human Services, and the Treasury, they aim to enhance understanding and compliance with the law and specify that non-grandfathered health plans must cover certain preventive services without […]
New Employee Classification Rule
In January, the Department of Labor (DOL) Wage and Hour Division introduced a rule that changes the way workers are classified under the Fair Labor Standards Act (FLSA). This Final Rule, effective March 11, 2024, offers a more comprehensive test to determine a worker’s status, potentially making it more challenging to classify workers as independent […]
RxDC Reporting due to CMS by June 1, 2024
The Centers for Medicare and Medicaid Services (CMS) has updated the Prescription Drug Data Collection (RxDC) resources. The updates include changes to the RxDC Reporting Instructions and new RxDC templates and data dictionary. As a reminder, the RxDC reporting was established as part of the transparency rules under the Consolidated Appropriations Act 2021 (CAA). RxDC […]
Medicare Creditable Coverage Disclosure Due to CMS by March 1, 2024
The Medicare Modernization Act (MMA) established annual notification requirements for employer-sponsored group health plans with prescription drug coverage. Per the MMA, employers sponsoring these plans are required to disclose annually the creditable status of the plan to The Centers for Medicare and Medicaid Services (CMS). This disclosure is due to CMS no later than 60 […]
2024 ACA Reporting Code Reference Sheet
2024_ACAReportingCodesReference
IRS Issues Additional Guidance for SECURE 2.0 Act
In an effort to provide necessary clarity for employers and plan sponsors, the Internal Revenue Service (IRS) issued long-awaited guidance for various provisions under the SECURE 2.0 Act (SECURE 2.0). This guidance comes in Question-and-Answer format and addresses twelve of the 90+ provisions under SECURE 2.0. Specifically, provisions related to de minimis financial incentives and […]
IRS Releases 401(k) Guidance For Long-Term Part-Time Employees
On November 24, 2023, the IRS released long-awaited guidance around the updated 401(k) eligibility requirements pertaining to long-term part-time employees (LTPT) under the SECURE 2.0 Act of 2022 (SECURE 2.0). These proposed regulations, if finalized, would amend the rules previously applicable to 401(k) plans and provide additional clarification for some of the questions plan sponsors […]
IRS Issues 2024 FSA and Commuter Limits
On November 9, 2023, the IRS released the long awaited 2024 maximum contribution limits for Flexible Spending Arrangements (FSA) and Commuter accounts. A bit later than usual, Revenue Procedure 2023-34 follows the IRS’s announcement of the 2024 401(k) annual contribution limits, which were released November 1st. For taxable years beginning in 2024, the annual contribution […]