RxDC prescription drug report is due by June 1  Group health plans must annually submit detailed information on prescription drug and healthcare spending to the federal government. This reporting is referred to as “prescription drug data collection” or the “RxDC report.” The next RxDC reporting deadline is Saturday, June 1, covering data for 2023.   Employers should confirm they are complying with the 2024 RxDC reporting deadline, such as providing information to third-party vendors on a timely basis.   The RxDC report is comprised of several files, including those that require specific plan-level information, such as plan year beginning and end dates, and enrollment and premium data. It also includes files that require detailed information about medical and pharmacy benefits.   RxDC reports must be submitted through CMS’ online RxDC portal , which includes updated reporting instructions and other resources.   Employers commonly use third parties, such as insura...

As healthcare costs continue to rise, so does demand for voluntary benefits. Since many employers find it increasingly difficult to provide employees with a complete benefit package, voluntary benefits have become an ideal solution.   Voluntary benefits are attractive to employers because there is no added cost for the organization.  Employees benefit because they have a variety of insurance options available conveniently in one place — often with lower premiums than if they were to buy individual policies.  What are voluntary benefits?   Voluntary benefits are coverages and products made available to employees for elective purchase though payroll deductions. These programs have four key characteristics:   100% employee-paid;   offered through an employer;   solicited and enrolled through a carrier or enrollment firm;   paid through payroll deductions.   Because of their cost efficiency, voluntary benefits are becoming a central componen...

Employee engagement and retention are pivotal in every sector, but they carry even more weight in the not-for-profit space, where resources are often limited. High turnover can be both costly and disruptive, impacting productivity and damaging morale. In an era of workforce evolution, to effectively retain their top talent, organizations must explore innovative employee retention strategies that go beyond conventional methods.  Engaged employees are distinguished by their higher productivity, motivation and loyalty, and they are more likely to stay with a company for the long term. Gallup recently updated its research article, The Benefits of Employee Engagement , finding that "low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams."  In addition to turnover, disengaged employees negatively impact a company's financial health, with turnover costs averaging six to nine months of the departed employee's salary, accordin...

Retirement and employee benefits help create a solid foundation for recruitment and retention. They’re also pivotal in enhancing job satisfaction, boosting productivity, encouraging employee well-being and increasing workplace morale. With the work landscape evolving rapidly, organizations are revisiting their offerings to develop stronger employee benefits strategies.  The first area most small- and mid-size employers investigate is quick, short-term ways to foster company culture. In this blog, we’ll cover budget-friendly ideas to improve your employee benefits initiatives. Think of them as smaller action items that can help you gain a competitive edge. Then, we’ll take a closer look at how customizing your benefits plan can support your new efforts.  1. Promote a healthy work culture  Investing in employee benefit plans is not just about fulfilling a checklist. It's about creating an environment where employees feel supported in both their professional and personal liv...

Whether you're a seasoned benefits administrator or HR professional, you must comply with numerous reporting and disclosure requirements annually. To help you more easily meet these target dates, download TruePlan’s 2024 Health Plan Compliance Deadlines chart .   It lists employer-sponsored group health plan requirements by month, providing a thorough description of each requirement, deadline and applicability. It also outlines group health plan notices employers must provide each year.  Get the 2024 Health Plan Compliance Deadlines Chart now . If you have questions, reach out to TruePlan . Our team of experts can provide you the resources you need to better manage your health plan and employee benefits .  This Compliance Overview is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice. ©2024 Zywave, Inc. All rights reserved. 

DOL releases ERISA enforcement results for 2023  The U.S. Department of Labor released the results of the Employee Benefits Security Administration’s enforcement actions for fiscal year 2023.  Through its enforcement of ERISA, EBSA oversees approximately 2.8 million health plans, 765,000 pension plans and 619,000 other welfare benefit plans. According to the audit, these plans cover 153 million workers, retirees and dependents.  In FY 2023, EBSA recovered over $1.4 billion for plans, participants and beneficiaries. Other key enforcement results include:  EBSA closed 731 civil investigations. Of these, 69% resulted in monetary results for plans or other corrective actions.  EBSA referred 50 cases for civil litigation and closed 196 criminal investigations.  EBSA’s criminal investigations led to the indictment of 60 individuals for offenses related to employee benefit plans. This included plan officials, corporate officers and service providers.  EBSA’s...

IRS releases ACA pay –or play penalties for 2025  The IRS recently updated  “pay or play” penalty amounts for 2025 related to the Affordable Care Act’s employer shared responsibility rules.   For calendar year 2025, the annually adjusted $2,000 penalty amount is $2,900 and the adjusted $3,000 penalty amount is $4,350 . This is a decrease from the penalty amounts for the 2024 calendar year, which are $2,970 and $4,460, respectively.  Under the pay or play rules, an applicable large employer is only liable for a penalty if at least one full-time employee receives a subsidy for Exchange coverage. Employees who are offered affordable, minimum-value coverage are generally not eligible for these Exchange subsidies.  Depending on the circumstances, one of two penalties may apply under the pay or play rules: the Section 4980H(a) penalty or the Section 4980H(b) penalty:  Under Section 4980H(a) an applicable large employer will be subject to a penalty if it does ...