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.

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.

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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.