CAA Fiduciary Role & Compensation: Form 5500

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?? Stay Ahead with Our Employee Benefits Webinar Recap! ??

Thank you to everyone who joined us for our insightful webinar with our Compliance Expert, Sarah Borders, CEBS ?? , on the latest updates and crucial topics impacting your employee benefits plans. We covered a range of essential updates and timely compliance matters that every employer should be aware of.

During the webinar, we discussed significant updates to Section 1557 Non-Discrimination Rules, which will take effect on July 5, 2024. These rules require strict adherence to federal and state insurance laws for health plans. Employers must ensure that insurance carriers and third-party administrators (TPAs) comply with these regulations, especially concerning the coverage of specific health services, to avoid potential legal challenges and enforcement actions.

We also highlighted the latest changes in HSA contributions and HDHP limits for 2025. Starting next year, the maximum HSA contributions will be $4,300 for individuals and $8,550 for families, with an additional catch-up contribution for individuals aged 55 and older. These updates are crucial for employers to maintain eligibility criteria under High Deductible Health Plans (HDHPs).

Regarding compliance, we provided insights into PCORI Fees and Form 5500 Filings. PCORI Fees for plan years ending in 2023 are due by July 31, 2024. Employers need to file using IRS form 720 to meet these requirements and avoid penalties. Additionally, we covered the Form 5500 filing deadlines for different plan years, emphasizing the importance of timely submissions and the potential consequences of late filings.

Lastly, we delved into fiduciary duties under ERISA, highlighting the responsibilities employers have in managing retirement and health plans. From obtaining fiduciary liability insurance to updating plan documents and monitoring service providers, our webinar stressed the importance of maintaining compliance and minimizing legal risks.

Ensuring your organization stays compliant and proactive with these updates is crucial. Whether you're navigating new regulations or preparing for upcoming filings, staying informed is key to success.

Stay tuned for more educational sessions and updates from our experts. Your understanding and compliance are pivotal in managing effective employee benefits programs.

Thank you once again to all our attendees for your engagement and commitment to excellence in benefits administration. If you have any questions or need further guidance on these topics, please reach out to us. Let's continue to navigate these changes together!