July 2024 | Compliance Recap
July was a busy month for sponsors of group health plans. The final DOL rule on overtime exemption requirements went into effect July 1. IRS Form 5500, due on July 31 for calendar year plans, applies to most public and private sector businesses providing plans to 100 or more participants. Also due by July 31 was the annual PCORI fee, submitted via Form 720 by employers sponsoring self-funded medical plans or applicable HRAs. CMS announced updated parameters for Medicare Part D prescription coverage that will impact employers who need at provide documentation of creditable coverage to employees by October 31 and to disclose to CMS its creditable coverage within 60 days of the start of the plan year.
The July Compliance Recap includes:
- Form 5500 Filing for Health and Welfare Plan
- Medicare Part D Updates Affecting Employers and Some Employee
- Paying the PCORI Fe
- DOL Announces Final Overtime Rul
- Question of the Month
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This information is general and provided for educational purposes only by United Benefit Advisors (UBA) for UBA Partner Firm member distribution. It reflects UBA’s understanding of the available guidance as of the date shown and is subject to change. It is not intended to provide legal advice. You should not act on this information without consulting legal counsel or other knowledgeable advisors.
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