Year-End Compliance Reminders for Employee Benefit Plans
As HR teams prepare to close out the 2023 plan year, there are a few things employers need to keep in mind, specifically when it comes to maintaining a compliant benefits program.
- Submitting the Gag Clause Attestation for your health plans. If you are utilizing a third-party-administrator (TPA), they may be completing this on your organization’s behalf. It is important to communicate and confirm final submission with them. The first submission is due by December 31, 2023 (attesting to compliance for 2021-2023).
- Reviewing and amending any plan documents for discretionary changes made in 2023;
- Ensuring that annual notices have been provided, including the Children’s Health Insurance Plan (CHIP) notice;
- Conducting non-discrimination testing
As your team begins to prepare for 2024 compliance items, now is a great time to consider:
- Conducting affordability testing
- Revising and updating communications regarding benefit plan limits
- Reviewing and automating benefits related to employee communications
For a more comprehensive year-end compliance checklist, click here. As always, your AssuredPartners Account Team is a great resource as your organization wraps up any outstanding 2023 compliance tasks.
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