Burnham Monthly Compliance Newsletter

BALDWIN BULLETIN

ISSUE 10 - June 2023

Welcome to the June 2023 edition of the Baldwin Bulletin, a compliance newsletter by Burnham and the Baldwin Regulatory Compliance Collaborative (BRCC).

This month’s issue focuses on important compliance deadlines that will apply this year, in addition to providing employers with information regarding certain hot-button compliance issues significantly impacting employers over the next several months.

Questions?

If you have any questions or need additional information, please contact your Burnham Consultant or Burnham Benefits at 949‐833‐2983 or inquiries@burnhambenefits.com.

UPCOMING 2023 COMPLIANCE DEADLINES

For information regarding upcoming compliance deadlines for employer-sponsored group health plans, including our compliance timeline explaining key compliance deadlines during June – December 2023, read more here.

OUTBREAK PERIOD SET TO END

The Outbreak Period end date of July 10, 2023, is fast approaching. Read more here.

IRS ANNOUNCES 2024 HEALTH SAVINGS ACCOUNTS (HSAs) AND HIGH DEDUCTIBLE HEALTH PLAN (HDHPs) LIMITS

The IRS has released Revenue Procedure 2023-23, announcing health savings account and high deductible health plan limits for 2024. Read more here.

PCORI FEE PAYMENT REMINDER

Employers sponsoring self-insured health plans, take note that the annual PCORI fee payment is due on July 31 for plans with plan years ending during 2022. Read more here.

IRS ISSUES GUIDANCE ON FSA SUBSTANTIATION REQUIREMENTS

The IRS recently issued a Chief Counsel Advice Memorandum that provides important reminders about the claims substantiation requirements for flexible spending accounts (FSAs). Read more here.

SUN LIFE REPORT PROVIDES INSIGHTS INTO SELF-INSURED PLAN EXPENSES

An analysis of claims data prepared by Sun Life yielded many interesting findings, including that million-dollar claims per million covered employees increased by 15% last year and by 45% from 2019 to 2022. Read more here.

PAYROLL TAX WITHHOLDING FOR WASHINGTON CARES FUND TO BEGIN JULY 1, 2023

Payroll tax withholding under the Washington Long Term Care Act will begin on July 1, 2023, for companies with employees in Washington State. Read more here.

QUESTION OF THE MONTH

Our “Question of the Month” concerns the applicability of ERISA to telehealth benefits. Read more here.

Baldwin Regulatory Compliance Collaborative

This Legislative Update was prepared by the Baldwin Regulatory Compliance Collaborative (the “BRCC”), a partnership of compliance professionals offering client support and compliance solutions for the benefit of the Baldwin Risk Partners organization, which includes: Jason Sheffield, BRP National Director of Compliance; Richard Asensio, Burnham Benefits Insurance Services; Nicole L. Fender, the Capital Group; Bill Freeman, AHT Insurance; Stephanie Hall, RBA/TBA; Caitlin Hillenbrand, AHT Insurance; Paul Van Brunt, Baldwin Krystyn Sherman Partners (BKS); and Natashia Wright, Insgroup.

Burnham Benefits and the BRCC do not engage in the practice of law and this publication should not be construed as the providing of legal advice or a legal opinion of any kind. The consulting advice we provide is intended solely to assist in assessing its compliance with applicable federal and state law requirements, and is based on our interpretation of federal guidance in effect as of the date of this publication. To the best of our knowledge, the information provided herein, and assumptions relied on, are reasonable and accurate as of the date of this publication. Furthermore, to ensure compliance with IRS Circular 230, any tax advice contained in this publication is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another person any tax-related matter.