Welcome to our Legislative Review page for employers. For information on legislative and regulatory topics released during Q1 2024, please visit the following links.

YOUR DEDICATED BROKER CAN HELP

We encourage employers to contact their broker directly to discuss recent legislative changes and how they apply to your business.

What Are Employer Responsibilities?

Savoy has created extensive compliance guides to help you stay informed and navigate through the changes. 

Get the details on these top topics:

• Gag Clause Attestation Requirements Resources
  • FAQs Guide
  • Carrier Reference Guide
  • Gag Clause Attestation Requirements | Beyond the Benefits Podcast
• RxDC Reporting Resources and Carrier Guidelines
• Transparency in Coverage Rule Resources
• Fiduciary Duties Series
  • Understanding Fiduciary Duties
  • The Standard of Conduct for Fiduciary Duties
  • When and Where Do Fiduciary Duties Apply?
  • Understanding Fiduciary Duties | Beyond the Benefits Podcast

Savoy Academy | Employer Services and Compliance Webinar Series

Attend one of our upcoming Employer Services and Compliance webinars—you may quality to earn 1 HR recertification credit and 1 PDC recertification credit for your participation. 

Register for an upcoming Employer Services and Compliance webinar.

Q1 2024 Legislative Review 

Federal

January

• Affordable Care Act Reporting Reminders and Deadlines for the 2023 Calendar Year
  • The deadlines by which employers must comply with the ACA 1094/1095 reporting requirements for the 2023 calendar year are fast approaching.
• IRS Launches Simple Notice Initiative
  • The Internal Revenue Service announced on Tuesday, January 24, 2024 that work is underway on the Simple Notice Initiative, a sweeping effort to simplify and clarify about 170 million letters sent annually to taxpayers.

February

• Federal and NJ 1094/1095 Reporting Reminders
  • A significant update for federal reporting this year is that electronic filing is now mandatory for all groups with 10 or more information returns per EIN, including both 1095s and W-2s.
• Here’s A Term Employers & Plan Sponsors Should Remember, “Fiduciary Duties”
  • Recent Johnson and Johnson (J&J) complaint provides a valuable glimpse into the potential liabilities of being a fiduciary when these duties are not upheld.
• IRS Announces 2025 Decreases for Employer Shared Responsibility Payments
  • The IRS has issued Revenue Procedure 2024-14, which outlines the adjusted excise tax amounts under the Employer Shared Responsibility provisions of the Affordable Care Act for 2025.

March

• HHS Delivers Reports to Congress on HIPAA Compliance
  • The reports issued by the HHS are annual requirements per the HITECH Act of 2009 and aim to regulate entities and any of their business associates in their HIPAA compliance efforts.

Delaware

January

• Delaware Annual Behavioral Health Well Check Required Starting January 1, 2024
  • Starting January 1, 2024, the Delaware law requires coverage of an annual behavioral health well check with a licensed mental health clinician.

Florida

February

• Florida’s Prescription Drug Reform Act
  • Recently passed Florida law prohibits mandatory mail-order requirements for employers providing prescription drug coverage.

New York

February

• Entities Licensed in New York have New Cybersecurity Requirement
  • New York Insurance Law licensees must now report cybersecurity incidents with third-party providers to the New York Department of Financial Services (DFS) within 72 hours of discovery.

2023 Legislative Review

Visit the following page for our legislative updates from 2023. 

• 2023 Legislative Year in Review

This page and its links are informational only and are not intended to constitute legal, tax or business advice. For further information, please refer to your lawyer, business or tax advisor. The accuracy, currency or completeness of the information contained herein is not guaranteed.