Preparing for the Next Act of the Affordable Care Act (ACA)
Dwayne Brucke, Principal Consultant, HCM Infor LOB has been working with the Infor products for over 10 years. His primary focus is Human Capital Management with a focus on Talent Management.
The next components of the Affordable Care Act (ACA) are fast approaching and Velocity Technology Solutions would like for you to know what we are doing to prepare ourselves and you, our customers, for these components.
In March 2014 the IRS published its final Treasury Regulations that involve both Employers and Employees. For employers, IRC Section 4980H details the responsibilities of employers in Health Care Provisions. In this regulation, it addresses Applicable Large Employers (ALE), form 1094C, and form 1095C.
Presently, Infor is in the final development stages of modifying programming to be in regulatory compliance with the Internal Revenue Code (IRC). Through communications with Infor, they have developed 6 new processes to handle the ACA requirements and have modified at least 20 existing programs. There will be new forms for processing ACA and these will most likely become generally available late summer.
What can you do to prepare your organization? Velocity Technology Solutions and Infor recommend the following tasks that can be done now, while the final development is being tested:
Create a new pay class, i.e. ACA which will house your hours used in calculating hours of service for full time determination (average 30 hours/week or 130 hours/month)
Classify positions as seasonal, variable-hour, part time or full time
Determine Measurement Assessment Periods
Review Health Coverage Options - Waive Plans (must have them)
Review Employee Groups - Verify you are using EE groups for enrollment in and out of plans
Review and update Dependent information - Dependents must have social security number or date of birth (preferably both)
In addition, you must review and categorize health plans (new BN15 options):
Self-insured or fully insured
Best offer plans
Safe Harbor Code
If you would like further information on ACA and what Infor is doing to address these new regulations, here are some helpful links:
As more information becomes available to Velocity Technology Solutions, we will keep our internal resources and our customers abreast of these updates, but if you have any questions, please feel free to
contact us at any time.