Compliance Tracker Newsletter: May 2024
Posted May 08, 2024
Employers should regularly review their compliance with federal, state and local employment laws. During 2024, this review may include:
- Reviewing the S. Department of Labor’s (DOL) new final rule on worker classification and ensuring that workers are properly classified as employees or independent contractors
- Preparing to file an annual report (Form 5500) for employee benefit plans, unless a filing exemption For calendar year plans, the Form 5500 deadline (without extensions) is July 31, 2024
- Confirming that health coverage for mental health and substance use disorder care complies with federal mental health parity requirements, which is currently a major enforcement priority for the DOL
- Ensuring that employee performance reviews are being conducted on schedule and in accordance with established procedures
- Monitoring any changes to state and local leave laws and confirming employee leave policies are consistent with current requirements
- Scheduling any required workplace training, such as sexual harassment training
- Preparing for the DOL’s new overtime rule, which is expected to significantly increase the salary thresh- old for an overtime exemption under the federal Fair Labor Standards Act
Upcoming Compliance Dates
Submit RxDC Report
June 1, 2024
Group health plans must annually submit detailed information on prescription drug and health care spending to the federal government. This reporting is referred to as the prescription drug data collection (or RxDC report). The next RxDC report is due by Saturday, June 1, 2024, covering data for 2023.
Most employers rely on third parties, such as issuers, third-party administrators or pharmacy benefit managers, to prepare and submit RxDC files for their health plans.
File EEO-1 Report
June 4, 2024
Private-sector employers with 100 or more employees and federal contractors with 50 or more employees meeting certain criteria must submit demographic workforce data to the EEOC each year as part of the EEO-1 data collection. The EEOC’s portal for submit- ting EE0-1 reports for 2023 opens on April 30, 2024. The deadline for filing the 2023 EEO-1 report is June 4, 2024.
Download the Compliance Tracker Newsletter – May 2024.