July 3, 2013
Re: Affordable Care Act Employer Responsibility Payment and Reporting Provisions
Delayed Until 2015
Yesterday in Washington, the White House announced that the employer responsibility payment and insurance reporting requirements under the Affordable Care Act (ACA) will be postponed for one year. The announcement is available on-line at http://www.whitehouse.gov/blog/2013/07/02/we-re-listening-businesses-about-health-care-law.
This supersedes some of the guidance previously provided in our June 6 ACA update. (www.njslom.org/letters/2013-0606-affordable-care-act.html)
This announcement means that the ACA’s mandatory employer and insurer reporting requirements will not begin until January 1, 2015. Treasury expects to publish proposed rules implementing these provisions this summer. Similarly, employer shared responsibility payments will not apply until 2015.
The delay does not affect employees’ access to the premium tax credits available under the ACA (nor any other provision of the ACA). At this point, we continue to anticipate the launch of the Health Insurance Marketplaces on October 1, 2013.
We suggest you talk with your Broker to see if this will have any rate impact. Also, you should consult with your Labor Counsel, if you have any agreements that are under review. You can now use this extra year to plan for long term benefits plans and costs of mandated coverage.
You can find useful information on ACA provisions at the Internal Revenue Service’s ACA page at /www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions. You can also access IRS News Releases, Multimedia presentation and Legal Guidance on the ACA at www.irs.gov/uac/Affordable-Care-Act-of-2010:-News-Releases,-Multimedia-and-Legal-Guidance
If you have any questions, contact Jon Moran at 609-695-3481, ext. 121 or email@example.com.
Very truly yours,
William G. Dressel, Jr.