2023 Employee Benefits Year-end Checklist

‘Tis the season…to make sure everything is squared away with your employee benefits! 

We know this topic probably doesn’t get you in the holiday spirit, but our quick checklist will help you ensure you can stay on the nice list and start your new year off right.

As an employer who needs to address numerous compliance requirements for employee benefit plans, we know it can be a struggle to know where to start, so we’ve got you covered. 

First, your top tasks before 2023 ends are as follows:

1. Submit your gag clause attestation for the health plan by Dec. 31, 2023 – This regulatory process ensures that plan issuers are not limiting patient access to their information by using gag clauses. Through this attestation, organizations are required to acknowledge that they don’t use or enforce any gag clauses within their policies or in agreements with insurance providers. 

2. Remind employees about rules for unused balances – Ensure they know about any funds in their FSAs, HRAs and or dependent care FSAs that may expire at the end of the year. Encourage them to use any unspent balances and inform them if any funds will carry over to the next year.

3. Send annual notices – Many health plans require notices be sent by a certain date, however some kinds allow them to be sent at any time during the year. Ensure these have been provided at the correct time or that they are sent by the end of the year.

4. Perform nondiscrimination testing – Certain types of employee benefit plans are subject to these annual testing requirements, such as self-insured health plans, health FSAs, HRAs and more.

5. Amend plan documents – Employers making discretionary changes to their employee benefit plan should update their official documents to reflect those by the end of the year.

The next tasks you should tackle to prepare for the start of 2024 are:

1. Confirm health plan affordability – Applicable Large Employers (ALEs) need to offer affordable, minimum value health coverage to their employees in order to avoid penalties. For plans beginning in 2024, this means an employee’s required contribution should not exceed 8.39% of their income.

2. Update employee benefit limits – Payroll systems must be updated for 2024 benefit election to reflect limits for the new year. For a full chart of these changes, download our free resource below!

3. Prepare to file ACA returns electronically – Nearly all employers are required to file returns for ACA reporting electronically. April 1, 2023 is the deadline.

4. Update employee communications – Update your employees on any benefit plan changes for the new year through an updated summary plan description (SPD) or summary of material modifications (SMM).

Looking for a more detailed walkthrough of end-of-year requirements? Download our free resource here! You can print and use it to check off your tasks as you accomplish them.

Or, if you’re looking to take employee benefit plan administration off your plate entirely, we’ve got you! Our associates can ensure you have a plan that works for your employees’ needs and take on required filings and deadlines. 

Book a call with an expert or explore our employee benefits capabilities here.

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