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Each month, Mployer Advisor collects and presents some of the most relevant and most pressing recent changes in law, compliance, and policy in areas related to employee benefits, health care, and human resources.
Electronic submissions of form 300-A are due March 2, 2024 for non-exempt companies and establishments, which include firms that had 250 or more employees during 2023, or 20 or more employees in industries designated as high risk.
Form 300 and 301 are also due on March 2 for qualifying institutions, which include firms in high-hazard industries that had 100 employees or more during 2023.
Click here for more information about how and where to submit these forms in addition to guidance in determining what your organization is required to submit.
Collection of EE0-1 Component 1 data will open on April 30, 2024 - with a final deadline for EEO-1 Component 1 submissions currently set for June 4, 2024.
Check the Equal Opportunity Employment Commission (EEOC) website for updates as well as an instruction booklet and file submission specifications, which the EEOC expects to have posted by March 19, 2024.
This filing must be submitted by every company that has 100 or more employees across all locations and/or is affiliated with a company that has 100 or more employees through common ownership or centralized management.
Further, this filing must also be submitted by any company with 50 employees or more that has a contract with the federal government worth at least $50,000 or has an establishment that holds a federal contract worth at least $50,000.
Companies or establishments thereof that are federal contractors and serve as depositories of federal funds no matter how much or how little, as well as financial entities that are issuing and paying agents for US Savings Bonds and Savings notes must also submit this form.
Updates regarding the timely, etc. will be posted here on the EEO-1 website.
Beginning on March 11, 2024, the Department of Labor will effectively revert back to ‘the economic reality’ test for determining whether a given worker should be classified as an employee or as an independent contractor.
The economic reality test will take into account the following 6 factors when evaluating a workers employment status and classification:
You can find more information from the DOL on determining employee and contractor status here.
Beginning March 20, 2024 enforcement begins for Consumer Protection Bureau’s rule requiring Employers that reject job applicants due to information obtained through a credit report to provide the rejected applicant with information about the credit reporting agency from which the report was obtained, including name, address, and telephone number.
This rule, which went into effect in April of 2023, is an update to 2018’s Summary of Your Rights Under The Fair Credit Reporting Act.
You can read more about the new rule, its impact, and enforcement here.
According to the Employer’s Shared Responsibility provision of the Affordable Care Act, employers that have an average of at least 50 full-time or full-time equivalent employees must offer those employees and their children health care coverage that is considered affordable.
In plan year 2023, the threshold for coverage that qualifies as affordable was set at coverage that required a maximum employee contribution equivalent to no more than 9.12% of the employee’s income. As of plan year 2024, however, that income-to-affordability threshold has now decreased to 8.39%.
You can read more about the Employer Shared Responsibility Provision here.
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