In a changing political climate, it’s difficult to predict how changes to legislation will effect businesses. Benefits Pro recently released a list of 6 different compliance issues to watch for in 2017.
- Changes to the Affordable Care Act — though they won’t happen overnight. Though the repeal and replacement of the law is unlikely to occur at this moment, it is important to be familiar with any changes with the law’s compliance, financial, and strategic standards.
- Revising or withdrawing changes to the EEO-1 form, a form that is required of every business to report to the U.S. Equal Employment Opportunity Commission. According to Benefits Pro, revisions to the report will require that companies include information regarding wages and hours, as well as longstanding reporting of workforce characteristics such as gender, race/ethnicity, and job category.
- Predictable tax reform from the new presidential administration. The article notes that there are three elements of tax reform that could effect employer-sponsored benefits: proposed caps on the tax preference for employer health benefits, limits on the tax preference for retirement plan savings and employer contributions, and expanded HSAs.
- Employer-sponsored retirement plans may be affected by automatic-enrollment retirement plans. Large business are instructed to prepare to comply with state and local automatic-enrollment retirement plan mandates.
- Employers should become familiar with the proposed FLSA changes for overtime rules and comprehensively communicate those changes with employees.
- Business leaders should become aware of proposed paid sick leave and family leave laws at the state and local levels.
For more information, click here.