Compliance

From Compliance to Plan Options to Paperwork, let’s face it, employee benefits have gotten very complex over the last several years. In an ever increasing regulatory environment, we are committed to helping clients understand and comply with legal requirements pertaining to employer sponsored benefit plans. We believe compliance is really more of an ongoing process than a milestone to reach, pass and leave behind.

Under The Affordable Care Act’s employer shared responsibility provisions, employers that employ 50+ full-time employees are required to provide minimum essential coverage that is affordable and provides minimum value coverage to their full-time employees or pay a penalty. Under Internal Revenue Code sections 6055 and 6056 the applicable Large Employer then is required to file a report about offer of health coverage to full-time employees and individuals in the health coverage.

We assist you with COBRA regulations, help in setting up section 125/cafeteria plans and preparation of plan documents/ Summary Plan Description and Form 5500s.

The ACA has many complex requirements for employers who are sponsors of health plans. Many of the ACA’s reforms apply to employers and health plans of all sizes. All employers are required to provide employees a notice about the availability of the Affordable Care Act’s Health Insurance Exchanges (Marketplaces). There are template notices available and employers should make sure that they are meeting the Exchange (“Marketplace”) notice requirements, as well as other health plan notice requirements.

Under the ACA’s Employer Shared responsibility, employers with at least 50 full-time employees have to offer health coverage to their employees, the coverage offered should be “affordable” and should provide “minimum value”. Penalties are imposed for non-compliance of the above provisions.