Industry Updates

Benefit Communications

2024 Open Enrollment Checklist

Added on 09/07/2023 Download File

To get ready for open enrollment, employers who sponsor group health plans
should be aware of the legal changes affecting the design and administration
of their health plans for plan years beginning on or after Jan. 1, 2024. These
changes include limits that are adjusted for inflation each year, such as the
Affordable Care Act’s (ACA) affordability percentage and cost-sharing limits
for high deductible health plans (HDHPs). Employers should review their
health plan’s design to confirm that it has been updated, as necessary, for
these changes.

Inflation's Impact on 2024 Open Enrollment

Added on 09/07/2023 Download File

Many employees continue to feel financially strained because of inflation. With open enrollment fast approaching, inflation could impact the choices employees make when it comes to their benefits. Specifically, employees are likely to consider which benefits matter the most and how to optimize the money they spend on those offerings. As a result, this year’s open enrollment may be more challenging than usual for employers and benefits providers.

Legal News & Compliance

Wrap Documents for Welfare Benefit Plans

Added on 09/07/2023 Download File

The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for employee benefit plans maintained by private-sector employers. Under ERISA, employer-sponsored welfare benefit plans, such as group health plans, must be described in a written plan document. In addition, employers must explain the plans’ terms to participants by providing them with a summary plan description (SPD).

ACA Reporting

Added on 09/07/2023 Download File

The Affordable Care Act (ACA) created reporting requirements under Internal Revenue Code (Code) Sections 6055 and 6056.
Under these rules, certain employers must provide information to the IRS about the health plan coverage they offer (or do not
offer) to their employees.
Currently, any reporting entity that is required to file at least 250 individual statements under Sections 6055 or 6056 must file
electronically. However, on Feb. 23, 2023, the IRS released a final rule implementing a law change by the Taxpayer First Act of
2019, which lowers the 250-return threshold for mandatory electronic reporting to 10 returns. This means most reporting
entities will be required to complete their ACA reporting electronically starting in 2024.