The Affordable Care Act (ACA) mandated many changes for both employers and employees. Even under the Trump Administration, remaining in compliance with Healthcare Reform regulations and keeping employers aware of how changes affect them is important in avoiding confusion, meeting deadlines and avoiding financial penalties.
A recent national survey indicated that over 90 percent of employers feel that it is very important for their benefits adviser to offer legislative updates regarding health care reform and its implications. Howell provides employers with timely and periodic ACA compliance updates as well as other compliance guidance relating to COBRA, HIPAA, FMLA, ADA, ADEA, GINA and other national and state regulations impacting employee benefit plans.
OVERVIEW On Dec. 2, 2019, the Internal Revenue Service (IRS) issued Notice 2019-63 to: Extend the due date for furnishing forms under Sections 6055 and 6056 for 2019 from Jan. 31, 2020, to March 2, 2020; Extend good-faith transition relief from penalties related to 2019 information reporting under Sections 6055 and 6056; and Provide additional […]
OVERVIEW On July 23, 2019, the IRS issued Revenue Procedure 2019-29 to index the contribution percentages in 2020 for determining affordability of an employer’s plan under the Affordable Care Act (ACA). For plan years beginning in 2020, employer-sponsored coverage will be considered affordable if the employee’s required contribution for self-only coverage does not exceed: 9.78% […]
HIGHLIGHTS Employers with large fully insured welfare plans (100 or more participants) must provide participants with a SAR each year. The SAR is a summary of the plan’s Form 5500. Employers with self-insured, unfunded plans are not subject to the SAR requirement, regardless of plan size. IMPORTANT DATES September 30 Deadline for […]
