Ensuring Compliance in Benefits Administration Post-Election

With the 2024 U.S. election potentially leading to significant shifts in employment laws and employee benefits, it’s crucial for employers to stay ahead of changes to maintain compliance. New regulations could affect everything from healthcare policies and labor laws to tax laws, all of which play a key role in benefits administration. Employers who proactively monitor and adjust their benefits plans will be best equipped to meet evolving compliance requirements.

 

Key Areas of Focus Post-Election:

1. Healthcare Reform
   1. Changes in federal and state administrations often bring shifts in healthcare policies, which directly impact the way employers administer health benefits. Whether it’s a change in healthcare mandates, insurance coverage requirements or the tax treatment of employer-provided health plans, employers need to closely follow legislative developments. Staying up to date will help employers adjust their health insurance offerings, ensuring they remain compliant with new federal or state regulations.

2. State-Specific Legislation
   1. With elections often resulting in changes to state-level benefit requirements, employers must be aware of any new insurance mandates, modified requirements or other state-specific laws that affect benefit plans. For example, states may introduce unique healthcare mandates, paid leave policies or additional benefit entitlements that employers need to incorporate into their benefits administration practices. Employers operating in multiple states face the additional challenge of ensuring that they comply with rules in each state.

3. Labor and Employment Law Adjustments
   1. Post-election periods can usher in updates to labor laws, such as wage and hour regulations, family leave entitlements and workplace safety standards. Employers should keep an eye on any changes that could affect benefits administration, including new leave policies or adjustments to benefits packages that address worker safety or employee wellness. By staying updated on these changes, employers can ensure they are providing the correct benefits in accordance with current labor laws.

 

Steps Employers Should Take:

1. Stay Informed
   1. To navigate benefits administration compliance, employers should regularly consult trusted sources for updates on legislative changes. Industry publications, webinars and legal briefings are great resources to stay informed about new developments. Additionally, subscribing to government websites and updates from compliance organizations can be helpful.

2. Review Benefit Plans
   1. Employers should evaluate their current benefit offerings to ensure they align with new regulations that have come into effect post-election. This includes reviewing health insurance plans, retirement savings options and any other perks provided to employees. It’s also a good time to assess if there are any gaps in coverage or if new compliance steps need to be taken to keep benefits plans in line with evolving laws.

3. Partner With a Reliable Benefits Administrator Provider
   1. As benefit regulations grow more complex, partnering with a knowledgeable benefit administration provider can help employers navigate compliance with confidence. These experts stay up to date on regulatory changes—whether it’s tax laws, healthcare reform or state-specific mandates—ensuring your benefits programs remain compliant. With their guidance, you can minimize risk, streamline administration and make informed decisions for your organization and employees.

4. Communicate With Employees
   1. Transparency is key when it comes to benefit changes. Employers should proactively communicate any adjustments to their benefit offerings to employees. Providing clear, easy-to-understand information about new benefits or modifications to existing plans will help employees understand how changes affect them. It also builds trust and ensures that employees know what steps to take to access their benefits.

 

The information in this blog post is for educational purposes only. It is not investment, legal or tax advice. For legal or tax advice, you should consult your own counsel. To stay up to date on benefits trends and insights, subscribe to our blog.