It’s essential to stay on top of government benefits regulations. Every day, companies face the challenge of complying with changes in government benefits regulations. Keeping up with the complex changes can mean avoiding expensive and embarrassing fines and audits. Here are some simple suggestions to help you keep up with benefits regulations:
1. Maintain a Benefits Notice Calendar: Make sure your company has a Benefits Notice Calendar and keep an eye on it. The calendar keeps track of the dates for filings required under federal (and state) law. When a major filing is due, you can check with your staff member who is responsible for fulfilling the requirement. This is a good time to learn of any changes that affect your employees and your company.
2. Review Written Policies/Procedures/Benefits: Maintaining a timely, clearly written list of company policies and procedures manages employees’ expectations and protects your company from exposure to non-compliance with regulatory requirements. Make sure your HR staff also regularly reviews and updates the documentation, while apprising you of any existing irregularities and changes.
3. Schedule Regular Meetings with the Head of HR: Because of the complexities and nuances of state and local legislation, leadership must be kept aware of changes in the regulations and how they affect the company. Regular meetings allow for timely reporting, and they provide opportunities for other company decision-makers to participate, learn, and share concerns about keeping up with changes.
4. Update Data Integration: Accurate and timely record keeping is at the heart of keeping up to date with changes. For example, an integrated data system including Payroll, Benefits and HR can facilitate input and changes throughout the system.
5. Develop a professional presence in your industry. Communicating with colleagues and sharing ideas becomes a conduit for staying up-to-date.
6. Sign up for Kinloch News at kinlochcg.com to stay on top of the regulations. The site provides the latest benefits news and information you need to know. Stay up-to-date and learn about legislative actions that directly affect your business, such as the recently passed Tax Reform Bill of December 2017.