When the calendar flips to 2012, a slew of regulations will also flip into play. Here are the top five impacting your business this coming year, according to HR Morning.com.
- New W-2 reporting requirements
Employers with 250 or more employees in 2012 will be required to report the cost of employee’s healthcare coverage on workers’ 2013 W-2s. Those with fewer than 250 employees have another year to prepare.
- 401(k) fee disclosure rules
Retirement plan fee disclosure regulations go into effect Jan. 1. Employers then have 120 days to comply — making the actual compliance deadline April 30, 2012.
The rules require plan sponsors to disclose all fees and expenses to participants of 401(k plans. The goal is to make the plans easier for employees to understand so they can make more informed decisions about where and how to invest their money.
- End of rollovers to HSAs
Employees have until Dec. 31 to transfer the balance of an FSA or HRA into an HSA. Beginning Jan. 1 that practice is prohibited.
- Summary of Benefits and Coverage
Employers will soon be required to provide all health care plan participants with a summary of their benefits and coverage. The original deadline of March 23, 2012, has been pushed back indefinitely, but is still worthy of keeping on the radar.
- Nondiscrimination rules
These rules employers from offering current or former execs coverage that isn’t available to other employees. They will apply to all health plans that are not grandfathered. Further guidance is expected soon.