Employers that have 50+ fte's fall subject to unique aspects of the Affordable Care Act and are in jeopardy of significant penalties if out of compliance with the law. We cannot cover all aspects of the compliance requirements here nor what can incur the possible penalties, however, some items are very important.
- Must offer their employees" qualified" and "affordable" plans or be subject to "Pay or Play" penalty calculations.
- Are required to perform routine (and reoccurring) data tracking and reporting regarding full time and part time employees.
- The 50+ fte's might include employees from numerous companies with common ownership (as defined by the IRS) and if that occurs, all employees in the combined "round up" of companies are subject to the "Pay or Play" provisions.
- Are required to inform all employees of the availability of the insurance exchanges in the states where they reside.
- Must allow new hires to enroll within 90 days of hire (in California, the state set a requirement of "within 60 days of hire").