Employee Benefits
ON-DEMAND WEBINAR | Regulatory Changes That Will Impact Employee Benefit Plans in 2024
On December 19, the Relation Insurance Employee Benefits Compliance Team hosted its Quarterly Compliance Webinar titled “Looking Towards 2024: What Regulatory Changes Will Impact Your Employee Benefit Plans.” The presentation began with our VP of Compliance, Matthew LoPorto, providing the latest updates from the Council of Insurance Agents and Brokers’ Legal Counsel Working Group. Matt discussed some of the high priority regulatory issues that the Legal Counsel Working Group will continue to engage in as we move into 2024 such as the proposed regulations applicable to pharmacy benefit managers and how those regulations impact group health plans.
The conversation then focused on the regulatory changes that are occurring in 2024 that are most impactful to employee benefit plans. Some of the items discussed were:
- The updated Affordability Percentage for the ACA Employer Mandate and a review of the Affordability Safe Harbors;
- New electronic filing requirements for the 1094-C and 1095-C Forms;
- Implementation of a new Machine-Readable File for Prescription Drug Rates;
- Updated requirements for the Self-Service Comparison Tool;
- Extended tax benefits for employer-provided student loan payments;
- Plan design changes to Medicare Part D and how that impacts creditable coverage; and
- The requirement to complete, and document, an analysis of the design and application of the non-quantitative treatment limits to comply with the requirements of the Consolidated Appropriations Act and the Mental Health Parity and Addiction Equity Act.
We also discussed the annual filing requirements for RxDC Reporting and the Gag Clause Prohibition Compliance Attestation, as well as due dates for other annual filing requirements and potential penalties for non-compliance. The Compliance Team also provided documentation that included a compliance overview of State Disability Insurance Laws, and Paid Family and Medical Leave State Laws. The webinar concluded with the Team providing the 2024 Benefit Plan Limits for specific plan types.
Click below to watch an on-demand replay of the webinar:
If you have any questions regarding information that was discussed during the presentation please connect with us at [email protected]