On Dec. 6, 2023, the U.S. Equal Employment Opportunity Commission (EEOC) published its regulatory agenda for the first time in two years. This is likely due to the recent confirmation of the agency’s newest commissioner Kalpana Kotagal, whose appointment gave Democrats the majority on the EEOC’s five-member commission for the first time during the Biden administration, breaking the panel’s partisan gridlock. The U.S. Department of Labor (DOL) also released its regulatory agenda on Dec. 6. These agendas were part of the Fall 2023 Unified Agenda released by the White House, outlining President Joe Biden’s policy plans for federal agencies.
The EEOC’s regulatory agenda highlights its primary goals for 2024, including finalizing agency regulations to implement the Pregnant Workers Fairness Act. The agency indicated that it plans to implement this act by Dec. 29, 2023.
The DOL has also identified significant regulatory changes, including its final rules on overtime exemptions, independent contractors, heat illness prevention and mental health parity in health plans. On Aug. 30, 2023, the DOL published a proposed overtime rule to increase the salary level for white-collar exemptions under the Fair Labor Standards Act. The proposal also included mechanisms that would allow the agency to automatically update the white-collar salary level thresholds every three years without having to rely on the rulemaking process. The deadline for submitting comments on the proposed rule was November 7, 2023. According to the DOL’s recently published regulatory agenda, the final overtime rule will be issued in April 2024.However, these projections are subject to change.
Federal agencies are expected to finalize their highest-priority rules between April and June of next year. Potentially impacted employers will want to follow the EEOC and DOL rulemaking process closely. However, employers are not obligated to make changes until the DOL and EEOC’s proposed regulations are finalized.
On Dec. 20, 2023, the IRS issued Notice 2024-2, providing guidance in the form of questions and answers with respect to various provisions of the legislation known as the “SECURE 2.0” Act.
The Consolidated Appropriations Act of 2023 was signed on Dec. 29, 2022, which is an omnibus bill that includes the SECURE 2.0 legislation, referred to as such because it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The legislation is intended to increase employees’ retirement savings and makes numerous important changes that employers should be aware of. A section-by-section summary of the legislation can be found here.
Under Section 501 of SECURE 2.0, the plan amendment deadline for SECURE Act and SECURE 2.0 Act provisions is the last day of the first plan year beginning or after Jan. 1, 2025 (or Jan. 1, 2027, in the case of certain collectively bargained or governmental plans). The new guidance extends the plan amendment deadlines under Section 501.
In addition to extending plan amendment deadlines under Section 501, Notice 2024-2 addresses issues under the following sections of the SECURE 2.0 Act:
The Treasury Department and the IRS invite comments and suggestions on the guidance, which should be submitted on or before Feb. 20, 2024.
Nothing to report this month…
1/31 – File and Furnish Forms W-2
1/31 – File and Furnish Forms 1099-NEC, Nonemployee Compensation 1/31 – 2024—File Form 941, Employer’s Quarterly Federal Tax Return
1/31 – File Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return
2/1 – Post OSHA Form 300A (Summary of Work-related Injuries and Illnesses)
2/15 – Request a new W4 form Employees Claiming an Exemption from Withholdings for 2023
2/28 – File ACA Forms 1094-C and 1095-C (Paper Filing Deadline) – most employers are required to file electronically 2/28 – File ACA Forms 1094-B and 1095-B (Paper Filing Deadline) – most employers are required to file electronically 2/29 – Submit the Medicare Part D Disclosure to CMS (Calendar-year Plans Only)
3/1 – Provide ACA Form 1095-C to Employees 3/1 – Provide ACA Form 1095-B to Employees 3/2 – Submit Electronic Reports to OSHA
3/31 – Deadline for Filing the EEO-1 Report With the EEOC
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