Provided by GCG Financial, LLC
The Affordable Care Act (ACA) imposes a penalty on applicable large employers (ALEs) that do not offer affordable, minimum value coverage to full-time employees and their dependents. These penalties are often referred to as the “employer shared responsibility” or “pay or play” penalties.
On Feb. 10, 2014, the U.S. Treasury Department released final regulations implementing the employer shared responsibility provisions of the ACA. Under the final regulations, a package of limited transition rules provided for 2014 in the proposed regulations is extended to 2015. The final regulations also include a number of new transition rules for employers.
Source: U.S. Treasury Department
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This article is provided by GCG Financial, LLC. It is to be used for informational purposes only and is not intended to replace the advice of an insurance professional. Visit us at https://gcgfinancial.com. © 2011-2014 Zywave, Inc. All rights reserved. This information is for general informational purposes only. While we have attempted to provide current, accurate and clearly expressed information, this information is provided “as is” and GCG makes no representations or warranties regarding its accuracy or completeness. The information provided should not be construed as legal or tax advice or as a recommendation of any kind. Users should seek professional advice from their own attorneys and tax and benefit plan advisors with respect to their individual circumstances and needs.