Reporting Requirements

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SECURE 2.0 Disclosure and Reporting  

Federal agencies governing Section 319 of the SECURE 2.0 Act have extended the Public Comment Period for reviewing the reporting and disclosure requirements for employee retirement plans. The agencies responsible for this request for information include the Treasury Department, the Employee Benefits Security Administration of the Department of Labor (EBSA), and the Pension Benefit Guaranty Corporation. The deadline for submitting comments regarding the effectiveness of the reporting and disclosure requirements under the Employee Retirement Income Security Act (ERISA) has been extended until May 22, 2024


OFCCP – Updated Guidance Available on the Employment of Veterans  

The Office of Federal Contractor Compliance Programs (OFCCP) has published new resources to help both veterans and employers to better understand the protections under the Vietnam Era Veterans' Readjustment Assistance Act (VEVRAA) of 1974. These new resources include updated FAQ guidance for employers, a document about promoting fair workforce practices, and a video series that focuses on the importance and benefits of self-identification of veterans. You can find these resources on OFCCP's VEVRAA website.


OFCCP Certification Deadline for Affirmative Action Compliance

Existing federal contractors (and subcontractors) must complete their certification by July 1, 2024 in the OFCCP's Contractor Portal. Federal contractors who do not certify their compliance may be subject to an audit. For more instructions, refer to the OFCCP Contractor Portal User Guide found on the Department of Labor's website. 

Race and Ethnicity Reporting Category Revisions

After a multi-year review and feedback process, the White House' Office of Management and Budget (OMB) has published updates to the Statistical Policy Directive (SPD) No. 15: Standards for Maintaining, Collecting, and Presenting Federal Data on Race and Ethnicity. These changes to race and ethnicity reporting data options were published on March 29, 2024, and are effective immediately.  See this Ogletree Deakins article for more information. 

Annual EEO-1 Report Filing Open Soon for Submission 

The 2023 EEO-1 reporting season will begin soon with the portal open on April 30 until June 4, 2024. Employers will have this timeframe to submit their workforce demographic data to the Equal Employment Opportunity Commission (EEOC) and should note any updates to the reporting process for this year. For employers on the cusp, the reporting threshold requirement has changed slightly The updated EEO-1 Instruction Booklet is now available for review.

Corporate Transparency Act - New Reporting Requirements

In effect since January 1, 2024, the CTA requires most U.S. corporations, limited liability companies, and other entities to report information about the operating business and personal information about the company’s beneficial owners as well as the company applicant who files the report with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). This law is aimed at reducing illegal financial activities such as money laundering.

Reports must be filed electronically through the BOI E-Filing System and are due by January 1, 2025. The penalties for willful noncompliance are severe. Refer to the U.S. Chamber of Commerce site and FinCEN’s FAQ for more details.

UPDATE: The CTA has been declared unconstitutional by a district court in Alabama, and FinCEN has complied with ruling that enjoins its enforcement against the plaintiffs in this case. However, the CTA currently remains in effect with respect to non-plaintiffs.


California Civil Rights Department (CRD) Issues Guidance for Workforce Data Reports 

The California CRD has issued updated guidance and opened the reporting portal for 2023 pay data reports that are due on May 8, 2024. The reporting process includes a couple of data field changes that Avionté is reviewing further for reports impact. Guidance for employers, information about penalties, and report templates can be found on the state website. 


California to Require Workplace Violence Prevention 

In effect and enforceable on July 1, 2024, California will require employers to develop and implement a Workplace Violence Prevention Plan that includes annual training for employees and ongoing maintenance of an incident log. More information about the requirements for California employers to address workplace violence hazards can be found on the state's CAL/OSHA website. A sample plan is also available for employers to use as a resource. 



Minnesota Reporting Requirements for Paid Leave

Minnesota has introduced a new paid leave program for employees who cannot work due to serious health conditions, providing care for a family member or new child, or qualifying events related to military assignments or personal safety. Most employees in Minnesota will be eligible for paid leave, which is not required to be available to employees until 2026. However, Minnesota employers are required to submit quarterly wage detail reports by business location and business unit starting July 1, 2024. These reports will include total wages paid and total hours worked and must be submitted to Minnesota’s Department of Employment and Economic Development. See this Ogletree Deakins article for more information. 


South Carolina

South Carolina's Reporting Requirements for Employers 

Last year the Statewide Education and Workforce Development Act (SCDEW) was signed into law, and the initial reporting requirements intended to provide information to decision-makers for improving workforce development are due April 30, 2024. The quarterly wage file reports include Standard Occupational Code (SOC) information for each position, along with employee names, social security numbers, number of hours worked, and wages.  SCDEW has provided resources to help locate the correct SOC for employees. The reports can be filed electronically through SCDEW’s SUITS platform. Avionté provides support for SOC management in our platform as shown in this article. 



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