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The Treasury Department issued a proposed rule on Premium Tax Credits that includes clarifications on how cash in lieu of insurance arrangements in a cafeteria plan (aka opt out arrangements) are treated for purposes of the affordability calculation under the ACA Employer Shared Responsibility Rules. The final rule is expected in 2016 following a comment period, and will be effective January 1, 2017.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: Cash-in-Lieu , Opt-out , ACA , 1095-C , IRS

IRS and DOL Propose Form 5500 Revisions

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Just a few short weeks after the DOL announced the penalties will increase to $2,063 per day for failure to file Form 5500s, on July 21, 2016, the Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) (together called Agencies) will publish in the Federal Register a Notice of Proposed Forms Revisions to the Form 5500 Annual Return/Report Series.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: IRS , DOL , 5500 , Group Health Plans , FSA , HRA , HDHP

DOL Penalties Adjusted for Inflation

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The Department of Labor (DOL) published an interim final rule on June 30, 2016, to adjust the civil monetary penalties enforced by the DOL for inflation. The catch up adjustments apply to penalties assessed after August 1, 2016, for associated violations that occurred after November 2, 2015.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: DOL , 5500 , SBC , Penalty
The IRS reported in late June that they were investigating system errors with ACA Reporting submissions and followed with another announcement on June 30th indicating that the ACA Information Returns (AIR) system will remain up and running after the June 30th deadline.
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Categories: Health Care Reform, Compliance | Tags: IRS , ACA Reporting
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