Compliance Reminders for Businesses

May 9, 2024||inBusiness Insurance|business insurance

Employers should regularly review their compliance with federal, state, and local employment laws. Here are some areas to keep in mind during 2024:

File EEO-1 Report – June 4, 2024  Private-sector employers with 100 or more employees and federal contractors with 50 or more employees meeting certain criteria must submit demographic workforce data to the EEOC each year as part of the EEO-1 data collection. The EEOC’s portal for submitting EE0-1 reports for 2023 opens on April 30, 2024. The deadline for filing the 2023 EEO-1 report is June 4, 2024.

Compliance
Click here to submit an inquiry to Murphy Insurance or call us at 800 222 8711

Self-funded benefits groups including level-funded and HRA plans report and pay PCORI fee – July 31, 2024  The Further Consolidated Appropriations Act, 2020 was signed into law on December 20, 2019. Since then the PCORI Fee (Patient-Centered Outcomes Research Institute) was extended for another 10 years, through 2029.  All self-funded groups including level-funded and HRA plans are required to report and pay the PCORI fee to the IRS through Form 720. Applicable groups need to complete and file the IRS Form 720 by July 31, 2024 for the year following the end of the plan year.  Carriers that have level-funded plans typically produce membership reports for groups that are applicable to pay the fee.

Preparing to file an annual report (Form 5500) for employee benefit plans, unless a filing exemption applies. For calendar year plans, the Form 5500 deadline (without extensions) is July 31, 2024.

Reviewing the U.S. Department of Labor’s (DOL) new final rule on worker classification and ensuring that workers are properly classified as employees or independent contractors.

Confirming that health coverage for mental health and substance use disorder care complies with federal mental health parity requirements, which is currently a major enforcement priority for the DOL.

Ensuring that employee performance reviews are being conducted on schedule and in accordance with established procedures.

Monitoring any changes to state and local leave laws and confirming employee leave policies are consistent with current requirements.

Scheduling any required workplace training, such as sexual harassment training.

Preparing for the DOL’s new overtime rule, which is expected to significantly increase the salary threshold for an overtime exemption under the federal Fair Labor Standards Act.

Read Other Blog Posts

Murphy Insurance Team

27 Reasons to Work with Murphy Insurance Agency

For more than 88 years, Murphy Insurance Agency has been a trusted partner for families, individuals, and businesses across Massachusetts. As a family-owned and independent agency, we prioritize relationships over transactions, offering guidance and support tailored to your needs. With access to more than 25 top-rated carriers, we deliver personalized solutions, competitive options, and peace of mind. Discover 27 reasons why thousands have chosen Murphy Insurance to protect what matters most.
Read more
What Is Professional Liability Insurance and Does Your Business Need It

What Is Professional Liability Insurance—and Does Your Business Need It?

General liability insurance won’t protect your business from claims tied to mistakes, missed deadlines, or professional advice gone wrong. That’s where professional liability insurance—also known as Errors & Omissions (E&O) coverage—steps in. It covers negligence, inaccurate advice, project delays, and the legal costs that come with client disputes. From consultants and IT professionals to architects, real estate agents, and accountants, this coverage is essential for anyone providing specialized services.
Read more
Construction worker 1200

5 Workplace Safety Trends to Watch in 2025

While certain elements of occupational safety remain constant, others may change and evolve over time. As such, it’s essential for employers to stay on top of the latest workplace safety trends and adjust their risk management strategies accordingly. Several factors have been influencing the occupational safety landscape this year, including advances in technology, rising mental health concerns, ongoing remote work challenges, a growing connection between sustainability and safety, and shifting corporate culture expectations. This article provides more information on these trends and offers guidance to help employers properly navigate such developments.
Read more
Floorplan 1200

5 Risks of Hiring an Uninsured Contractor

Project owners and general contractors must thoroughly vet all contractors to ensure jobsite safety and protect against financial losses. A key part of this vetting process is confirming that contractors carry the appropriate insurance coverage. Hiring uninsured contractors can lead to serious consequences, including safety risks, legal liabilities and unexpected costs. Here are five major risks of hiring uninsured contractors that highlight why adequate insurance is essential.
Read more
Paperwork 1200

Medicare Part D Notices Are Due Before Oct. 15, 2025

Plan sponsors must provide the annual disclosure notice to Medicare-eligible individuals before Oct. 15, 2025—the start date of the annual enrollment period for Medicare Part D. This notice is important because Medicare beneficiaries who are not covered by creditable prescription drug coverage and do not enroll in Medicare Part D when first eligible will likely pay higher premiums if they enroll at a later date.
Read more
OSHA Safe & Sound Week

OSHA’s Safe and Sound Week Runs From August 11-17, 2025

More than 5,000 workers are killed on the job each year, and more than 3.6 million employees are seriously injured each year while at work. Because of this, OSHA holds a nationwide event each August called Safe and Sound Week, which promotes the importance of companies incorporating safety and health programs into their workplaces. This year, the event runs August 11-17, 2025.
Read more
Hudson Family Dental

Business Spotlight: Hudson Family Dental Providing Modern Dentistry in the Heart of Hudson

Hudson Family Dental has been providing modern, compassionate dentistry in Hudson, MA since 1988. With cutting-edge technology and a team dedicated to personalized care, they’ve earned the trust of local families for generations. Learn how this Main Street practice blends innovation with community values—and why Murphy Insurance is proud to call them a client.
Read more
File folders

Employee Benefits SAR Is Due by September 30 for Calendar Year Plans

Many employers that must file Form 5500 on behalf of their employee benefit plans must also provide plan participants with a summary annual report (SAR). The SAR is a summary of the information included in the Form 5500. Employers with plans that operate on a calendar year basis must provide the SAR by Sept. 30
Read more
Balance Scale 1200

Supreme Court Upholds ACA’s Preventive Care Mandate

On June 27, 2025, the U.S. Supreme Court upheld a key component of the Affordable Care Act’s (ACA) preventive care mandate. Due to the Court’s ruling, the ACA’s preventive care mandate remains in full effect and health plans and issuers are required to continue covering the entire range of recommended preventive care services without cost sharing.
Read more

Visit Our Business Insurance Page

Business Insurance

Murphy Insurance stands as your steadfast partner in safeguarding your business from unforeseen challenges in today’s dynamic business landscape. In an era where comprehensive business insurance is not just a prudent choice but a vital one for ensuring the long-term stability and security of your enterprise, we are here to offer our expertise. Running a business inherently entails various risks that can potentially impact your financial stability and reputation. Learn more about our comprehensive business insurance solutions, which are meticulously designed to protect you from these potential threats, granting you peace of mind necessary to focus on the growth and prosperity of your business.