Compliance

Some of the new retirement regulations are mandatory, such as increases in mandatory distributions, while some are optional, like the student loan matching contributions, but the changes are significant for every generation.

The new year brings a host of new health care industry changes and regulatory compliance issues that will challenge employers--and they'll be looking to their broker partners to help them stay ahead of deadlines and keep abreast of new legislation.

The IRS announcements include a number of dollar amounts employers will need to know in order to administer their benefit plans for 2024, including the key dollar amounts for retirement plans, FSAs, HSAs and HDHPs.

SECURE 2.0 increases the cap for mandatory force-outs on account balances from $5,000 to $7,000 after December 31, 2023, however, plan sponsors may want to have more assets in the plan to lower fees for all participants.

What do carriers see as the future in the absence management and leave management space?

65% people surveyed would like to or have asked colleagues about how much they earn to see how their own salary ranks.

"I think what employers would really like from the Legislature is more certainty. Not making laws that, to figure out what it means, you have to go to litigation," David A. Rapuano, a partner with Archer & Greiner, said. "To me, and to my clients, it is bad policy to create laws that cannot be figured out unless a court [is involved]."

The annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, an increase of $150 from this year, the IRS recently announced.