Compliance Bulletin | December 2023

Welcome to the December 2023 edition of the Baldwin Bulletin, a compliance newsletter by the Baldwin Regulatory Compliance Collaborative (BRCC).

The Baldwin Bulletin serves as a monthly guide to important regulatory developments, legal news, and employee benefits-related industry happenings designed to keep you abreast of the latest developments.

This month’s issue focuses on important compliance deadlines that will apply this year, in addition to providing employers with information regarding certain hot-button compliance issues significantly impacting employers.

Upcoming Compliance Deadlines. For information regarding year-end compliance deadlines for employer-sponsored group health plans and our compliance calendar for 2024, read more here.

2024 Health and Welfare Benefits Limits Released. The IRS recently released Revenue Procedure 2023-34, which provides the 2024 limits for health and welfare plan benefits, including increased limits for health care flexible spending account (FSA) contributions and related carryover amounts of $3,200 and $640, respectively, for the 2024 plan year (up from the 2023 limits of $3,050 and $610, respectively). For more information, including a chart of significant annual limits impacting health and welfare plans, read more here.

2024 PCORI Fees Announced. Plan Sponsors of self-insured medical plans, please note that the Internal Revenue Service (IRS) has announced that the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after October 1, 2023, and before October 1, 2024, is $3.22 multiplied by the average number of lives covered under the plan. Read more here.

ACA 2023 Reporting Forms and Instructions Finalized. The IRS has released the final 2023 forms, together with instructions, for reporting under Internal Revenue Code Sections 6055 and 6056. Read more here.

ACA Electronic Filing Reminder.  As a reminder, beginning in 2024, most employers will be required to electronically file certain IRS returns, including those required to comply with the employer shared responsibility provisions under the Affordable Care Act.  Read more here.

OCR Issues Breach Settlement Agreement with HIPAA Business Associate over Ransomware Attack. The Health and Human Services’ Office for Civil Rights has issued its first settlement agreement involving a ransomware attack involving a HIPAA business associate. Read more here.

2024 HIPAA Privacy and Security Rule Training Calendar. The BRCC’s HIPAA training calendar has been issued for the coming year.  Read more here.

2024 BRCC Educational Webinar Calendar. The BRCC’s monthly educational webinar series calendar for 2024 has been announced.  Read more here.

Question of the Month.  Our “Question of the Month” concerns plan documentation and disclosure requirements when an employer leaves a professional employee organization (PEO) and establishes its own health plan subject to ERISA. Read more here.