|A focus on compliance – what you need to do when: |
- For plan years beginning on or after January 1, 2013, a $2,500 limit applies to employee healthcare FSA contributions. Click here to learn more about how Infor HR benefits administration can help.
- Medicare tax on wages increases by 0.9. Applies to those earning $200,000 if filing single, $250,000 if married filing jointly, and $125,000 if married filing separately. Click here to learn more about how Infor Payroll can help calculate and withhold the additional income tax.
- Employers who issued 250+ Form W-2s in calendar year 2011 must include the cost of group health coverage provided to employees on Form W-2 beginning with the 2012 tax year, which were provided to employees in January 2013. Employers must ensure payroll is set up to track and include this figure – which shows total costs for both employee and employer contributions – on Forms W-2 when printed. Click here to learn more about how Infor Payroll can help calculate this total.
- As of January 1, 2013, no deductions are allowed for employers that receive federal subsidies for retiree prescription drug expenses.
- As of December 31, 2013, employer group health plans must certify that the plan’s data and information systems are in compliance with Health & Human Services (HHS) rules for certain electronic transactions.
- For plan years beginning on or after January 1, 2014, employer group health plans may not impose annual dollar limits on essential health benefits, waiting periods of longer than 90 days, or pre-existing condition exclusions.
- For plan years beginning on or after January 1, 2014, permitted wellness incentives increase from 20% of cost coverage to 30% (up to 50% if the wellness program is established for the purpose of tobacco use prevention or reduction.
- PENDING further notification from the US Government: Employers with 200+ full-time employees or more must automatically enroll new employees in the employer’s group health plan. Insured employer group health plans may not discriminate in favor of highly-compensated emplo
- Employers with 50 or more full-time employees plus FTEs must offer affordable, minimum essential coverage (MEC) or potentially be subject to tax penalties.
On July 2, 2013, the Federal Government announced that it would delay for another year one provision of the 2010 health care reform act, also known as the Affordable Care Act (ACA). Larger employers will now have until 2015 before they will have to provide insurance to qualified workers or face penalties. However, there are still many employer mandates required during 2014. Are you ready? Find out how Infor can help you understand:
- Statute and employer responsibility
- Qualitative vs quantitative analysis tools
- System enhancements that will track hours worked
- How to avoid penalties
Spotlight on Infor Solutions
Learn how Infor has enhanced its systems to prepare for ACA compliance, including W2s, Dependent age extensions, domestic partner benefits and FSA pre-tax limit caps.
View the Statement of Direction