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Secure Act 2.0 – It’s About Time

Viewpoints from Craig Hasday On December 23, 2022, President Biden signed the Secure Act 2.0 into law as a part of a $1.7 trillion omnibus spending package. I have been anxiously awaiting this legislation. In a 2018 private letter ruling, Abbot Labs was allowed to make matching employer contributions to 401(k) plans for student loan repayments made by their employees. Private letter rulings (PLRs) are not law but apply to a specific situation for which the PLR is written. I have been advising employers to jump on this change whenever this law (which I thought was inevitable …

https://www.epicbrokers.com/insights/secure-act-2-0/

Artificial Intelligence for the Win

Note from the author: I took a pause in publishing my weekly healthcare blog (which some of you longtime followers may recall as “Frenkely Speaking”). My 2023 New Years’ Resolution is to dust off the writing hat and bring you regular EPIC Viewpoints again. It’s good to be back. Viewpoints from Craig Hasday Since the computer v. human chess games of long ago, I realized that the importance machines would play in our lives over time would accelerate. The time is now. Healthcare is no doubt one of the most powerful examples of how artificial intelligence (AI) has improved …

https://www.epicbrokers.com/insights/artificial-intelligence-for-the-win/

Compliance Matters Newsletter | January 2023

Welcome to the Compliance Matters newsletter, your one-stop shop for benefits compliance news! The employee benefits landscape is in a state of constant change. Get timely, accurate news regarding impactful legislative changes – and the resulting requirements, exposures and opportunities. Employee Benefits Compliance Alerts Departments Provide RxDC Guidance and Delayed Enforcement Starting in 2022, health plans and issuers must annually submit certain information about prescription drug and healthcare spending to the Departments. The first report for reference years 2020 and 2021 was due December 27, 2022. On December 23, 2022, the Departments released good faith relief for reasonable compliance and …

https://www.epicbrokers.com/insights/compliance-matters-newsletter-january-2023/

Way to Wellness Newsletter | January 2023

… great visual reminder for employees about the goals they want to reach, and they can help them stay on track to becoming a new “vision” of themselves! Encourage the creation of Vision Boards as a motivational tool that will stimulate action and boost the morale of your employees: Copy the Employee-Facing Email Envision a Better Version of Self Download the Word file, then copy and paste the graphic and text into a fresh email to deploy to your workforce. Post the Monthly Wellness Tips A Better “Vision” of You: Vision Boards Share the monthly tips PDF to your intranet …

https://www.epicbrokers.com/insights/way-to-wellness-newsletter-january-2023/

Employment Law & Benefits Update

Learn about upcoming changes to employment law with EPIC’s Annual Employment Law & Benefits Update webinar or at the in-person seminar. Join us to better understand compliance under federal, state and local employment laws taking effect January 1. Hear about business policies you need to have and key legislation to keep up with – and what you need to do – from EPIC’s Compliance Director, Liz Mann and employment law attorneys from Berliner Cohen Partners, Susan Bishop, Eileen Kennedy and Christine Long. Covering these topics and more: California Family Rights Act (CFRA) Updates for 2023 Requirements for: Pay Range Reporting …

https://www.epicbrokers.com/insights/employment-law-benefits-event/

Compliance Alert: Get Your Employer-Sponsored Group Health Plan Ready for 2023

… when the cost for self-only coverage does not exceed the percentage set by the Internal Revenue Service. This percentage is updated annually. In 2023, the percentage will be 9.12% of household income. Coverage is also considered “affordable” for purposes of satisfying §4980H(b) requirements so long as the employee contribution satisfies at least one of three available safe harbors: federal poverty level (FPL), rate of pay, or Form W-2. ALEs should review affordability annually to determine the potential risk for penalties due to offering unaffordable coverage. Preventive Services Under the ACA, non-grandfathered health plans must provide …

https://www.epicbrokers.com/insights/compliance-alert-get-your-employer-sponsored-group-health-plan-ready-for-2023/

Compliance Alert: §4980H Employer Mandate Requirements & Penalties

Quick Facts Applicable large employer (ALE) status is determined year-by-year on a calendar year basis. All ALEs are subject to §4980H offer of coverage requirements and §6056 employer reporting requirements on Form 1094-C and Form 1095-Cs. ALEs may count hours of service using one of two measurement methods, the monthly measurement method or the look-back measurement method. ALEs must provide minimum essential coverage to employees that is affordable and offers minimum value to avoid penalties under the Affordable Care Act (ACA). Background As the Internal Revenue Service (IRS) continues to actively enforce the employer shared …

https://www.epicbrokers.com/insights/compliance-alert-%c2%a74980h-employer-mandate-requirements-penalties/

Compliance Alert: Internal Revenue Service Updates PCORI Fee for 2023

Quick Facts The Internal Revenue Service (IRS) recently released IRS Notice 2022-59 updating the Patient-Centered Outcomes Research Institute (PCORI) fees for plan years ending on or after October 1, 2022, through September 30, 2023. The payment for the respective plan years will be $3.00 per covered life. Plan sponsors may use one of three methods to determine the average number of covered lives for reporting and paying the PCORI fee. Background On November 14, 2022, the IRS issued Notice 2022-59, providing the adjusted PCORI fees for plan years ending in October 2022 through September 2023. Employers …

https://www.epicbrokers.com/insights/compliance-alert-internal-revenue-service-updates-pcori-fee-2023/