ERISA Compliance

Sect. 6055/6056 Reporting

Applicable Large Employers or ALE’s; employers with 50 full-time equivalent employees, and self-funded plans, will face difficult reporting to keep up with the IRS code Section 6055/6056 and to stay up with ERISA Compliance. The reporting is designed to detail the healthcare coverage offered to f/t employees and their families. This also enforces the MEC or minimum essential coverage for the individual mandate.

“My Payroll Company Can Do That”

The question you have to ask yourself is:
Is this more benefit related or payroll related?

Want us to handle all of your ACA reporting?

As reported by Many employers and benefit brokers originally made the assumption that ACA reporting would best be performed as an additional function of a company’s payroll provider. However, now as the time comes to actually perform the reporting they understand that ACA reporting requires much more benefits information than payroll.

Is it Payroll or Benefit Related?

Why Don't You Tell Us!
Check out the tabs below to learn more
  • Basic information to the company whom both the Benefit Broker & Payroll provider have

    • Company name
    • Address
    • Contact information
    • EIN
  • Payroll Information / Payroll Provider

    • Number of part time and full time employees
    • Payroll employee names
    • Employee Social Security Number
    • Employee Address
    • Hire and termination dates
  • Benefits Information / Benefits Provider

    • Is this your first year offering medical coverage?
    • Renewal dates
    • Type of plan funding structure (fully insured, self insured, multi employer plans)
    • Waiting periods and if there are multiple waiting periods for different employee classes
    • Did your medical plans offer minimum essential coverage? When?
    • Did your medical plans offer minimum value coverage? When?
    • Full detailed understanding of 4980H Transitional Relief
    • Medical plan start and end dates
    • Medical plan offerings to various classes of employees, and costs of these plans
    • Eligibility by employee class for Federal Poverty Line safe harbor
    • Eligibility by employee class for Rate of Pay Safe Harbor
    • Eligibility by employee class for W2 safe harbor
    • Medical plan employee contributions by month and class
    • Plan offering Criteria, Qualifying offer Method, Qualifying offer Method with Transitional Relief, 98% offer method
    • Was an HRA offered? Was it integrated with medical plan enrollment?
    • Certifications of unchanging workforce size for plan purposes as well as consistent employer contributions.
    • Months Offering MEC coverage to 70% of FT Employees
    • Full information on employees including name, SSN, DOB and address
    • Full information on dependents of employees including name, SSN, DOB and address
    • Medical plan coverage start and end dates for all persons on the medical plan
    • Medical plan offering details including start and end dates by employee class
    • Designated governmental entity information
    • Aggregated group information, and full details on control groups

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