The Human Capital Connection – April 2024

The April 2024 edition of the Human Capital Connection, Baker Tilly Vantagen’s human resources (HR) and benefits administration advisory newsletter.

This month, catch up with the latest HR and benefits administration news covering U.S. Department of Labor rules changes for independent contractors, 1095 form filing threshold changes, closing your FSA plan year and diverse payment options for COBRA participants.

Expand each section below to read more.

U.S. Department of Labor and Wage and Hour Division defines and modifies the rules surrounding independent contractor status

The U.S. Department of Labor’s Wage and Hour Division claims that the modifications made are more consistent with judicial precedent and the FLSA’s purpose, than the 2021 rule issued during the Trump Administration.

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1095 Form filing threshold change surprises many employers

The implementation of the Affordable Care Act’s (ACA’s) reporting requirements almost 10 years ago took an already hectic employee benefits year end and prolonged it. A change to the ACA’s paper 1095 electronic form filing threshold that went into effect this year took many of these same employers by surprise.

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Beyond the balance: the intricacies of closing your FSA plan year

As a timely reminder, April is the month that many client partners are closing their FSA plan year. It’s time to focus on final plan year reporting and closing books to keep the pre-tax advantages of the plan preserved.

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Why diverse payment options matter for your COBRA participants

In today’s digital landscape, seamless and convenient payment experiences are crucial in meeting COBRA member expectations. In this article, we take a deeper dive into why having a variety of payment methods available can minimize disruption within your COBRA membership.

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