27 Feb 2024
To Be an Independent Contractor or Not to Be an Independent Contractor; That is the Question
The U.S. Department of Labor (DOL) has released its long-anticipated final rule which revises the standard for determining whether a worker is an employee or an independent contractor under the Fair Labor Standards Act. The change will impact employee benefits if employers recharacterize an individual’s working status. The final rule is written to take effect on March 11, 2024, likely amidst legal challenges. Be ready!
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Stay informed on new developments.- EBSA amends existing procedures governing the filing and processing of administrative prohibited transaction exemption applications. 89 Fed. Reg. 4662 (Jan. 24, 2024); DOL News Release.
- Retirement Plans. The Department of Labor, HHS and Treasury, along with the Office of Personnel Management, issue Frequently Asked Questions (FAQs) regarding how plans and issuers should comply with the cost-sharing disclosure requirements of the TiC Final Rules with regard to items and services with extremely low utilization when a cost estimate is based on claims data rather than prospective rates. FAQ Part 65.
- Retirement Plans. EBSA announces Procedures Governing the Filing and Processing of Prohibited Transaction Exemption Applications. 89 Fed. Reg. 4662 (Jan. 24, 2024); DOL News Release.
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