Although the end of the year is a busy time, employers should continue to prioritize compliance requirements for their employee benefit plans. There are several benefits-related tasks that employers should make sure are completed by the end of 2024, such as:
- Submitting a gag clause attestation for their health plans (or confirming that an issuer or third-party administrator (TPA) submits the attestation);
- Amending plan documents for discretionary changes made for 2024;
- Confirming annual notices have been provided, such as the Children’s Health Insurance Plan (CHIP) notice; and
- Performing any necessary nondiscrimination testing.
In addition, employers should take steps to prepare for next year. For applicable large employers (ALEs), this includes making sure that health plan coverage will be affordable for full-time employees. Employers should also update employee benefit plan limits for 2025 and revise employee communications, such as summary plan descriptions (SPDs), for 2025 benefit changes. This Compliance Overview contains a year-end compliance checklist for employee benefit plans.
This Compliance Overview is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice.
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