News and Events
On February 10, 2014, the Internal Revenue Service (IRS) and the Department of the Treasury issued a final rule implementing the employer shared responsibility requirements. As part of the final rule, it was announced that medium-sized employers (i.e., those with 50 to 99 full-time or full-time equivalent employees) are now given more time to comply, and large employers (i.e., those with 100 or more full-time or full-time equivalents) can phase in coverage to their entire full-time population over a period of time. Small employers (i.e., those with fewer than 50 full-time or full-time equivalent employees) are generally exempt from this requirement.
Beginning January 1, 2014, individuals and employees of small businesses will have access to health coverage through a health insurance market (known as an “Exchange” or “Marketplace” in their state. Open enrollment for the Marketplace began October 1, 2013. The Affordable Care Act (ACA) requires employers to provide employees with a notice of their coverage options available through the Marketplace (“Exchange or “Marketplace” Notice).
On May 8, 2013, the U.S. Department of Labor (DOL) issued Technical Release 2013-02 providing two model Marketplace Notices (one for employers that provide health coverage, and another for employers that do not provide health coverage) and clarifying questions about the Notice requirement, such as when and how to provide the Notice.