On February 10, 2014, the Department of Treasury announced that businesses with 50 to 99 full time equivalent employees will not face a tax penalty under the Employer Mandate provision of the Affordable Care Act (ACA) for not providing health care coverage to their employees in 2015.
According to one senior administration official, this postponement is has been granted to allow medium sized employers "a little more time to adjust to providing coverage." In addition, organizations with 100 or more full time equivalent employees will only need to provide health insurance to 70 percent of their full time employees in 2015 in order to comply with the Employer Mandate.
This recently amended phase-in of the Employer Mandate (also known as the "Play or Pay" requirements) will only impact the 2015 obligations. For 2016 and beyond, all businesses with 50 or more full time equivalent employees must provide health care coverage to at least 95 percent of their full time employees as originally envisioned in the ACA.
As a leader in the Payroll Processing industry in Buffalo, Rochester, Syracuse, and much of New York State, CPP is committed to keeping you on top of the latest regulations that impact your business. Please contact your customer service representative if you have questions or concerns regarding compliance with the Affordable Care Act. Let us help you with our experience and knowledge about payroll processing, HR and more.