With 2015 rapidly approaching, so are the Affordable Care Act’s (ACA) employer shared responsibility reporting requirements. According to industry experts, benefits advisors need to be working now with employer clients to implement benefit administration systems to be sure they are in compliance with the law.
Beginning in 2015, applicable large employers will need to identify whether eligible employees have been offered employer-sponsored health care coverage, and that the coverage meets the ACA minimum essential coverage standards, among other issues. Employers must also track employee eligibility for health care coverage, including number of hours worked, including variable hours, etc. They need to track and verify their notice to each employee of the availability of the public health care marketplaces, and will also need to generate the required forms to report their compliance with ACA to the IRS, among other requirements.
Given the number and complexity of these compliance tasks, trying to track this information manually has become virtually impossible, and it is critical and urgent for employers to put a benefits administration system in place.
PRG’s HR Manager and HR and benefits systems administrator, Gloria Yee, summed up the ACA’s presence the past four years and how they have dealt with compliance: “With all the changing laws and revolving deadlines, the procedural process can be overwhelming. Since the ACA came into play over four years ago, we have been fielding calls from our clients. Payroll is the best starting tool to reference accurate data for employee data reporting. PRG has HR and payroll solutions available that not only track multiple fields of data for informational purposes, but can also be integrated for reporting requirements. The reports have to be accurate for all parties involved and getting to this place have been a challenge PRG has kept pace with.”
For more information from PRG on current Benefits Administration Systems to help you meet this ACA compliance challenge, please contact your PRG Account Specialist or Katharine Whipple at firstname.lastname@example.org or (415) 249-4002