Events
Events
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Medicare Part D Notices to participants
Group health plans that provide Rx coverage to Individuals eligible for Medicare Part D Employers must notify Medicare Part D-eligible individuals by Oct. 15th of each year about whether the Rx coverage is creditable or non-creditable as discussed above. No specific penalty for employers. Potential penalty for individuals who do not maintain creditable coverage.
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Form 5500 (Extended deadline)
ERISA-covered group health plans that do not qualify for the small plan exemption and MEWAs (and have timely requested an extension to the filing deadline) An employer may request a one-time extension of 2.5 months by filing a Form 5558 by the normal due date of Form 5500. Employers are required to file an annual Form […]
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Employer Penalty: Identify application and method of compliance
All Employers Determine ALE Status (i.e., whether the employer has at least 50 full-time employees (FTEs) each calendar year, considering all common law employees in the entire controlled group and counting each part-time employee as a fraction of the FTE). Determine full-time status using monthly measurement method or look-back measurement method. Offer coverage to FTEs […]
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Identify FTE status eligibility using the Standard Measurement Period (SMP), Stability Period (SP) and Administrative Period (AP)
Employers that are an Applicable Large Employer and have variable hour part-time employees. There are two methods for determining full-time employee status. The monthly measurement method or the look-back measurement method. Zywave has more detailed information on each method and reasons an employer may prefer one method over another. “A” Penalty Adjusted for inflation: $2,970 for 2024 […]
