HR Compliance / Legislation Updates

IRS Significantly Decreases 2024 ACA Affordability to 8.39%
Read Time: 10 Minutes

The Internal Revenue Service (IRS) recently released Revenue Procedure 2023-29, reducing the Affordable Care Act’s (ACA) affordability percentage to 8.39% for plan years beginning in 2024, down from 9.12% in 2023 (which was further decreased from 9.61% in 2022).

The affordability percentage is the maximum rate of the employee’s household income that a person can spend on self-only coverage while allowing the employer to comply with the ACA’s affordability requirement.

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WEBINAR:
Make it a Win: Medical Loss Ration Rebates

Tuesday, September 12, 2023
2:00PM EST

Attend this month’s webinar to learn what the Medical Loss Ratio (MLR) is and how it may lead to an employer rebate.

Gain insights into:

The formula behind the medical loss ratio
What the MLR says about your carrier if you receive a rebate
Tax considerations with rebates

Be able to answer these questions:

How is the pandemic expected to affect rebates?
What are the rules for MLR rebate distribution?
How do I calculate the amount to give back to employees?

Registration Code: UBA410EW

Earn Recertification Credits
This webinar has been submitted to the Human Resource Certification Institute and the Society for Human Resource Management to qualify for 1 recertification credit hour.
The use of the HRCI seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval. Kutak Rock is recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® or SHRM-SCP®.

August 2023 Compliance Recap

In August, the IRS announced a decrease in the ACA affordability percentage to 8.39%. Both Colorado and Illinois expanded their leave laws. The Department of Labor released its updated version of the Premium Assistance Under Medicaid and the Children’s Health Insurance Program (CHIP) Notice. Employers prepared for the possibility of receiving a medical loss ratio rebate from their carrier and President Biden issued a Proclamation announcing Overdose Awareness Week, making it easier for doctors to prescribe effective treatments for addiction.... Keep Reading

WELLNESS
Unlock Your Prime-Time Energy Level: Achieve Optimal Productivity

In a world where many things compete for your attention, achieving a productive day can be challenging. Sometimes, working more hours can help you get more done, but it can also make you feel tired and stressed. Everyone only has 24 hours in a day. An essential aspect of enhancing productivity is identifying peak energy periods and directing your efforts toward tasks during these moments.

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Compliance Question of the Week

Q: Can we tell nonexempt employees not to check email and messages when they’re supposed to be off the clock? They’ve been doing this a lot, and we don’t want to have to continue paying them for this additional, unscheduled time.

A: Yes, you can tell nonexempt employees that they shouldn’t read or respond to messages when they’re not scheduled to be working. When communicating your expectations, it may be beneficial to investigate why these employees are checking email and messages outside their scheduled hours.