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As we approach the end of the year, it's important for employers to stay on top of compliance requirements for their employee benefit plans. There are several tasks related to benefits that employers should prioritize and complete by the end of 2023 including:
- Submitting a gag clause attestation for health plans
- Ensuring that plan documents are amended for any discretionary changes made in 2023
- Confirming that all annual notices, such as the Children's Health Insurance Plan (CHIP) notice, have been provided
- Conducting any necessary nondiscrimination testing
Looking ahead to next year, it's crucial for employers, especially applicable large employers (ALEs), to ensure that health plan coverage remains affordable for full-time employees. Employers should also update employee benefit plan limits for 2024 and revise employee communications, such as summary plan descriptions (SPDs), to reflect any benefit changes for the upcoming year.
In preparation for 2024, employers should consider taking the following steps:
- Update employee communications
- Prepare to file Affordable Care Act returns electronically
- Update employee benefit limits
- Confirm health plan affordability (ALEs only)
Download the bulletin for the year-end checklist.
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
