For healthcare managers, providers and caregivers! By sharing quality information and resources, we help achieve affordable Healthcare and a balanced Work Life, enabled by trusted Technology, electronic records, and secured access to private health information.

What HR regulations and changes you need to look out for in 2012?

It's time for your 2012 work plan, mark your calendar for these upcoming new human resources related rules or changes with deadlines in 2012 that require some research and planning for implementation prior to the due date.  
  • W-2 reporting requirements - As per the new IRS guidelines, employers with 250 or more employees in 2012 have to report individual health insurance costs on those workers’ W-2s (which will be issued in 2013).  Small employers can wait another year.  The IRS has said the reporting requirement for small employers could be pushed back even further.  The W-2 reporting requirements do not make workers’ healthcare benefits taxable.  They simply meant to let employees know how much their coverage costs.  
  • 401(k) fee disclosure rules - On Jan. 1, 2012, the retirement plan fee disclosure regulation go into effect. Employers have 120 days up to April 30, 2012 to comply.  The rules require plan sponsors to disclose all fees and expenses to participants of 401(k)-type plans.  The goal is to make the plans easier for employees to understand so they can make informed decisions on how to invest.
  • End of rollovers to HSAs - If you currently allow employees to transfer the balance of an FSA or HRA into an HSA, they only have until Dec. 31, 2011 to do so.  Beginning Jan. 1, 2012 that practice is prohibited.
  • Rules to keep track of that were delayed:
    • Summary of Benefits and Coverage. The healthcare reform law requires all health plans — grandfathered or not — to provide plan participants with a summary of their benefits and coverage. Employers compliance deadline of March 23, 2012 has been pushed back indefinitely. 
    • Nondiscrimination rules. These rules will apply to all health plans that are not grandfathered. They prohibit employers from offering current or former executives coverage that is not available to rank-and-file employees. The implementation of this provision was delayed in late 2010.

8 comments: