Compliance Reminders for Businesses

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.