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.
Video of the Week - 11/25
The SHOP Marketplace in Open
News of the Day - 10/30
Why Oil Prices Went Down So Far So Fast
The reasons oil prices started sliding in June were hiding in plain sight: growth in U.S. production, sputtering demand from Europe and China, Mideast violence that threatened to disrupt supplies and never did.
After three-and-a-half months of slow decline, the tipping point for a steeper drop came on October 1, said Ray Carbone, president of broker Paramount Options Inc. That’s when Saudi Arabia cut prices for its biggest customers. The move signaled that the world’s largest exporter would rather defend its market share than prop up prices.
The 29 percent drop since June of the international price caught traders and forecasters by surprise. After a steady buildup of supply and weakening demand, the outbreak of an OPEC price war is casting doubt on investments in new oil resources while helping the global economy, keeping inflation in check and giving motorists a break at the pump.
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