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Don’t Bring Me Down. Open Enrollment Already?

September 12, 2023 (3 min read)

Open enrollment is fast approaching for calendar year employer health plans. It’s a time when employees (don’t forget those on COBRA or leave) can enroll in or make changes to their employer-based health insurance benefit options. Often, other benefit elections are involved, like life insurance, flexible healthcare spending and dependent care, disability, and other fringe benefit coverage. Employees may need help navigating the morass of choices, like “Do I enroll in a high-deductible plan or stay with my PPO?” The decision-making process can be a lot. Be prepared to help by using our notices and checklists.

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Related Content

  • Open Enrollment Notices Checklist (Health and Welfare Plans)
    Use this checklist to identify participant and beneficiary disclosures that the Employee Retirement Income Security Act (ERISA), the Internal Revenue Code, the Health Insurance Portability and Accountability Act (HIPAA), the Patient Protection and Affordable Care Act (ACA), and other laws require health and welfare plan sponsors to provide annually where compliance is satisfied by providing employee disclosures at initial plan eligibility and with the employer's annual open enrollment materials.
  • Participant Disclosure Checklist (Health and Welfare Plans)
    Reference this chart too, which compiles basic information regarding health and welfare plan required participant disclosures under ERISA and the Internal Revenue Code.

Practical Guidance Updates 

Featuring the latest updates from your Practical Guidance account.    

  • Employee Benefits & Executive Compensation Key Legal Developments Tracker
    Stay informed on new developments.
    • Retirement Plans. IRS announces a two-year administrative transition period for the SECURE 2.0 Act requirement that catch-up contributions made on behalf of certain eligible participants are to be designated as Roth contributions. That section was statutorily scheduled to apply to taxable years beginning after December 31, 2023; the IRS now paused that rule until taxable years beginning after December 31, 2025. I.R.S. Notice 2023-62.
    • Health and Welfare Plans. IRS issues a 2024 index adjustment for ACA contribution percentages used to determine affordability under the ACA employer shared responsibility mandate that applies to applicable large employers (ALEs). The required contribution percentage for ALEs will decrease to 8.39% (down from 9.12% for 2023). Rev. Proc. 2023-29.


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