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Final ACA Shared Responsibility Regulations Offer More Delays

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Information about Final ACA Shared Responsibility Regulations Offer More Delays
Business & Mgmt

Published on February 20, 2014

Author: hanshawjl

Source: slideshare.net

Description

Final Employer Shared Responsibility Regulations under the Affordable Care Act (ACA) were announced, providing
particularly good news for applicable large employers,
especially those with more than 50 but fewer than 100
full-time equivalents (FTEs). Review what changed.
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Final Regulations Offer More Delays Final Employer Shared Responsibility Regulations under the Affordable Care Act (ACA) were announced, providing particularly good news for applicable large employers, especially those with more than 50 but fewer than 100 full-time equivalents (FTEs). Recall that an applicable large employer has 50 or more FTEs during the prior year. If at least one employee receives subsidized health coverage in the Health Insurance Marketplace, these employers must pay a penalty for either failing to offer 95% or more of its full-timers minimum essential coverage (MEC) or offering them coverage that is either unaffordable or lacks minimum value. These penalties were supposed to start in 2014, but were delayed for one year (along with §6055 and §6056 reporting) until 2015, per Notice 2013-45. The Final Regs offer guidance to applicable large employers who will be subject to the penalties in the employer mandate under §4980H of the Internal Revenue Code. Significantly, in Section XV.D of the preamble, the IRS provides transition relief in the following areas: Additional one-year delay for employers with fewer than 100 FTEs Non-calendar year plans Applicable large employer Additional relief for employers with 100 FTEs or more Coverage for dependents Look-back measurement periods New January 2015 exception on partial months Multiemployer arrangements The practical effect of these regulations is that the transition relief in the Proposed Regs for all applicable large employers, originally applicable to 2014, has effectively been copied and pasted to 2015 by the Final Regs, with some expanded relief. TO READ THE FULL ARTICLE, CLICK HERE copyright 2014

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