Compliance is easy to do and easier to overlook. The cost involved in not having your benefit programs compliant with both the Affordable Care Act (ACA) and ERISA is staggering.
First Staff Benefits provides compliance tools on an al carte basis. We would love to write your benefits, but if you don’t need help with that, please at least review the information below:
Affordable Care Act Compliance: Although the individual mandate is going away on January 1, 2019, both employer mandates still exist. This means that if you are an Applicable Large Employer (ALE) you must continue to offer Minimum Essential Coverage (MEC) in both 2018 and 2019. In addition, you must offer that coverage to 95% of your ACA benefit eligible employees (working 30 or more hours per week). Should you elect to offer a Minimum Value Plan remember that you must also meet one of the affordability safe harbors. First Staff Benefits can manage both your product selection and implementation to keep you compliant.
1094/1095 Reporting: This reporting is still required. We would be happy to give you a quote to manage this process for you and relieve you of any liability for errors.
ERISA Compliance: This is regulatory requirement for all employers regardless of group size. The only exempt entities are churches and the federal government. Over 80% of the groups that we discuss ERISA compliance with are currently out of compliance. Depending on how your group plans are structured, there could be as many as 24 compliance points to meet, all of which have penalties for non-compliance. You will find the penalties for non-compliance in the Compliance Quiz below.
If you have questions or need help, just let us know. First Staff Benefits can manage all of your benefit plan compliance requirements.