The fourth event in Diversified’s 2015 Education, 2015 Employee Benefit Compliance Update, was a resounding success. The event took place at the Marcus Majestic Cinema in Waukesha on Thursday, August 27, 2015.
The keynote speaker, Bob Radecki, Principal of Benefit Comply, LLC. Bob is an expert on compliance rules and regulations related to employee benefit plans. The focus for this event was the Affordable Care Act (ACA) and what it means to employers. Bob spent the first part of the session discussing the implications of recent Supreme Court decisions, ACA subsidies, the Cadillac tax, COBRA and Medicaid expansion. For the second segment Bob was joined by Dan Schwartzer, Wisconsin’s Deputy Commissioner of Insurance, and Diversified’s Director of Strategic Solutions, Matt Weimer. The three of them reviewed the nuances of the ACA and what they mean specifically to Wisconsin employers. Bob concluded the session with a review of all the reporting requirements of the ACA.
Some of the main takeaways from the event included:
- Clarification of “small employer” - Beginning in 2016, “small employer” for purposes of insurance rating will be defined as 100 or fewer employees. To determine employee count, the calculation uses large employer definitions under Section 4980H (average total full-time equivalents FTEs). Through 2015, states are allowed to define "small group" as 50 or fewer employees, although that definition's calculation varies from state to state.
- Explanation of what self-funded employers need to know – Self-funded employers need to know what months any employees, non-employees, their spouses and their dependents were covered by the self-funded plan along with their SSN.
- Distinction between form 1094 and 1095 – Form 1094 is used to report employer summary information to the IRS and should be thought of as a cover sheet for the individual employee statements. Form 1095 is used to report employee-specific and covered individual information
In general, one is required for each full-time employee and each covered individual under a self-funded plan.
We recieved a lot of positive feedback from attendees who appreciated the opportunity to learn more about the impact of the ACA from such a dynamic, straightforward speaker. Bob’s expertise encouraged lots of questions from the audience and he was able to clarify many questions people have concerning their responsibilities under the ACA.