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 - 10/24
Poll: Banks' Fear of Cyber Attack Grows
Banks are more worried than ever about cyberattacks.
A third of financial institutions list cyber risks as their primary concern in a survey out Thursday, and 84 percent call it a top-five concern. Those numbers have shot up since March, when only 59 percent listed cyberattacks as a top-five worry and 24 percent ranked it No. 1.
Their tune has changed following major data breaches at Home Depot and JPMorgan, among other companies.
The Depository Trust & Clearing Corporation (DTCC) — a financial services advocate whose board includes officials from JPMorgan, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley — conducted the survey in early October.
The results come after a week of back-and-forth between the finance sector and government over cybersecurity regulations. At the same time financial industry groups are issuing recommendations for new cyber rules, state and federal lawmakers are pressing regulators to tighten their cyber crime oversight.
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