Did You Know?
On July 14, 2016, Democrats in Congress proposed a bill that would affect the DOL's recent FLSA overtime exemption rule changes. The Overtime Reform and Enhancement Act (H.R. 5813) would increase the salary threshold in the following phases:
- $35,984 by December 1, 2016
- $39,814 by December 1, 2017
- $43,645 by December 1, 2018
- $47,476 by December 1, 2019
H.R. 5813 would also eliminate the automatic salary threshold increases, which are set to occur every three years.
The bill is popular among those who view the new overtime rules as being too much, too soon. However, critics argue that the bill is detrimental to workers who have waited a long time to se an update to the salary threshold. Congress is expected to review the bill during its next session on September 6, 2016.
Significant Changes Proposed to Form 5500
On July 21, 2016, federal regulators published a proposed rule that aims to improve the Form 5500 annual report filed by employee benefit plans.
Under the proposal, all ERISA-covered plans that provide group health benefits, regardless of size, would be required to file a Form 5500, including the new Schedule J (Group Health Plan Information) and any other applicable schedules. The proposed changes would eliminate the current filing exemption for small group health plans, and instead, small, fully insured plans would be required to answer a limited number of questions on the Form 5500 and Schedule J. CONTINUE READING
DOL's New Fiduciary Rule Impacts HSAs
This April, the Department of Labor (DOL) published a final rule that expands on who is considered a "fiduciary" when providing financial advice to retirement plans and their participants. This expanded definition will take effect on April 10, 2017. Other provisions related to prohibited transaction exemptions for advisors will become effective on January 1, 2018. CONTINUE READING
For questions on these topics or to discuss your Health & Employee Benefits plans with one of our Risk Advisors, contact us today.
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