October 1, 2013 ACA Notice Requirements for Employers
Confusion reigns regarding the Patient Protection and Affordable Care Act ("PPACA") and obligations to provide notices to employees of information regarding the new Health Insurance Market Place ("Exchanges") by no later than October 1, 2013.
WIB has received numerous calls and inquiries concerning the October 1, deadline over the past several days. Understandably, some of the requirements of the PPACA get lost in the myriad of news reports and debates about extending time limits and attacks on program funding.
WIB is therefore publishing an article by Andy DeClercq with links to model notices. Andy is an attorney with Boardman & Clark, LLP - the law firm retained by WIB to assist WIB members.
In the meantime, a couple of key issues include:
Number of Employees: The October 1, 2013 Notice Deadline is not limited to employers with more than 50 employees. The Notice requirement applies to all employers covered by the Fair Labor Standards Act ("FLSA"). The FLSA covers all employers with at least one employee and at least $500,000 annual business revenue.
Employer Coverage: The October 1, 2013 Notice Deadline is applicable whether or not the employer offers any health insurance to its employees. The model notices used will be different for employers offering health plans from those who do not.
Full vs. Part-Time Employees: The Notice requirements are applicable to both full and part-time employees.
New Hires: Employees hired after October 1, 2013, must be provided applicable notices at the time of hire or within 14 days thereafter.
COBRA Notices: Required COBRA notices for employees have been modified to reflect information on the exchanges.
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Economy in U.S. Grows more than Forecast
Gains in consumer spending and business investment helped the U.S. economy rebound more than forecast in the second quarter following a slump in the prior three months that was smaller than previously estimated.
Gross domestic product rose at a 4 percent annualized rate, the most since the third quarter of 2013, after shrinking 2.1 percent from January through March, Commerce Department figures showed today in Washington. Consumer spending, the biggest part of the economy, rose 2.5 percent, reflecting the biggest gain in purchases of durable goods such as autos in almost five years.
Manufacturers such as Whirpool Corp. project sales will keep improving in the second half of 2014 as increasing employment lifts consumer confidence and spending. The pickup in growth, as the expansion enters its sixth year, is among reasons Federal Reserve officials meeting today may continue to pare monthly asset purchases while keeping interest rates low.
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