THE FOUR C’S OF EMPLOYEE BENEFITS: COVERAGE, CLAIMS, COSTS & COMPLIANCE
In addition to the fine work that the professional agents and underwriters here at Morris & Reynolds have long provided to our clients related to your coverage, costs and claims, the Affordable Care Act (ACA) demands that compliance with the new law and compliance with other employee benefit laws be carefully considered. With this in mind Morris & Reynolds is pleased to provide you with the guidance, service and tools needed to meet your employee benefits and human resources compliance needs related to ERISA and the new ACA laws.
In our view, compliance with a variety of laws will be an increasingly important topic to all businesses. The ACA law will be regulated by the U.S. Department of Labor (DOL) and the Internal Revenue Service. As these entities require businesses to comply with the ACA law, we expect that a business’s compliance with a variety of other DOL, ERISA, COBRA and IRS related rules and regulations will be scrutinized and are likely to be audited. In order to ensure compliance with these laws Morris & Reynolds is pleased to provide the resources that you need to understand what’s required along with the tools needed to help comply. To learn more about preparing for a DOL, ERISA or IRS benefits’ audit and the Summary Plan Document and other items needed to comply, please contact our agents and underwriters about our ERISAEdge abilities or review the section found later in in this overview.
ARE YOU READY FOR A DOL OR IRS ACA AUDIT?
Ensure your Health & Welfare Compliance with our Smart Compliance & ERISAEdge Services.
- SMART COMPLIANCE
Our Smart Compliance. Manage your Compliance Calendar with Audit Checklists, comprehensive Compliance Guides, Inform on Reform and even optional cloud based Secure Document Storage. Our My Vault service, allows you to use a single login to download, store and organize all your Health & Welfare Plan compliance documents. Call your Morris & Reynolds Employee Benefits agent or underwriter today at 305.238.1000, to learn more about these services and how we can assist you with your compliance needs.
- ERISAEDGE (ERISA Compliance)
In partnership with the compliance experts at Total Administrative Services Corporation (TASC), Morris & Reynolds can help you with your ERISA related compliance needs. Employers face rigid deadlines for disclosing welfare plan information to all eligible employees and Plan Sponsors & Administrators with ERISA Plans must follow a strict fiduciary code of conduct. Failure to comply with ERISA requirements can be extremely costly and may include government penalties, as well as employee lawsuits.
Why choose ERISAEdge?
ERISAEdge handles all the necessary communications, forms, and record-keeping so employers don’t have to! ERISAEdge helps employers remain fully compliant with ERISA regulations and provides the defense employers need in the event of an audit by the Department of Labor.
ERISAEdge’s features include:
- Maintaining all required records for the mandated amount of time
- Providing instruction regarding required on-site record keeping
- Completing all required forms accurately and promptly
- Offers the flexibility to maintain separate ERISA Plans or bundle different benefits into a Single Plan
- Prepares and designs the required Plan Document and the Summary Plan Description
- Provides guidelines for disclosure of required information to employees
- Prepares all applicable forms and schedules
- Assists in obtaining necessary information from insurers to prepare required forms and filings
- Prepares the Summary of Materials Modification (SMM) and Summary Annual Report (SAR) if required
- Provides an Audit Guarantee, helpful customer service, and 40+ years of experience in employee benefits administration
- Provides Healthcare Reform notices required under PPACA and PHSA mandates
- Provides notices required for Medicare Part D
ERISAEdge: a Three Part Solution:
1. PREPARATION OF ALL DISCLOSURE REQUIREMENTS
- Wrap Document
- Summary Plan Description
- Summary of Material Modification
- 5500 Preparation
- Summary Annual Report
- PCORI Form Preparation (as applicable)
- PCORI Fee Calculation (as applicable)
- PPACA & ERISA Model Notices (Grandfathered or Non)
2. DEDICATED ERISA SPECIALIST
- Single point of contact for advisement on disclosure methods of delivery and appropriate timetables
- Assists in the event of DOL audit
- Proactively contacts client at contract renewal to amend documents as necessary
- Proactively contacts client at plan year expiration to secure schedules to prepare 5500’s
- Monitors regulatory changes and delivers tailored SMM as necessary
3. LIABILITY INDEMNIFICATION
- Enjoy TASC’s $1 Million Dollar Hold Harmless Guarantee
THE AFFORDABLE CARE ACT (ACA) EMPLOYER MANDATE HAS BEGUN – ARE YOU READY?
Is your business ready for the employer mandate?
The Affordable Care Act’s (ACA) employer mandate aims to reduce the number of uninsured people in the U.S. by promoting employer-sponsored health coverage. When people talk about ACA compliance, they’re typically referring to the new government requirement that a business provide its employees with affordable health coverage. Morris & Reynolds has the professional people, guidance and tools that you need to understand the new law and meet its requirements. Our Smart Compliance service has what you need to stay current and to comply.
Is your business ready for employer reporting?
Just offering health coverage doesn’t make your business ACA compliant. Sections 6055 and 6056 of the Affordable Care Act requires that employers must also file information returns with the IRS and provide statements to their full-time employees about the health insurance coverage they offer. To determine whether businesses are in compliance with the ACA employer mandate, the IRS uses two new tax forms, 1094-C and 1095-C.
Morris & Reynolds has the professional people, guidance and tools that you need to understand the new law and meet its requirements. Our Smart Compliance service has what you need to stay current and comply at a reasonable charge to you.
Who Needs To Comply?
The ACA considers you an Applicable Large Employer (ALE) if your company has 50+ full-time (FT) employees. Compliance with the ACA employer mandate in 2015 is based on the size of your company in 2014. In 2014, if your company had:
We have the solutions that you need. With Morris & Reynolds Insurance and our Smart Compliance tools you’ll be able to automatically:
- Generate forms 1094-C and 1095-C pre-filled with all the information that is stored in the system for you, so you can easily file in time for the deadline.
- Keep your reporting history up-to-date, and relax as our Smart Compliance tools tracks and stores all the required reporting data. (Payroll sync required.)
- Ensure hourly employee eligibility with our optional Smart Compliance Variable Hour Tracking & Reporting Tool.
CONTACT US TODAY
To learn more about our Smart Compliance and ERISAEdge services please contact your Morris & Reynolds agent or underwriter today. Just as we’ve long assisted in delivering the coverage, cost and care that you need and deserve, we look forward to working with you on these ever evolving compliance topics.
IRS and DOL regulations are complicated and involve sophisticated tax and legal concepts. Please keep in mind that Morris & Reynolds Insurance does not provide accounting nor, legal services. We are, however, happy to work with your legal and accounting professionals on any questions that they might have concerning your employee benefit’s coverage or compliance and suggest that you consult with them concerning all applicable regulations, requirements and laws.
|COBRA Notice Requirements Video »
View this video to learn about COBRA election notices including who should receive a notice and when, what information to include, recordkeeping requirements, and potential COBRA compliance issues and penalties.
|FMLA Leave and Employee Responsibilities Video »
This employee-facing video explains the Family and Medical Leave Act (FMLA), focusing on the types of leave available under the FMLA and what employees need to do to be approved for FMLA leave. Some of the aspects explained include that FMLA leave is job-protected, which employers it applies to, and which employees are eligible for FMLA leave. In addition, it touches on the required notice and the certification that employees must provide in order to be eligible for FMLA leave.
Click above to read Who’s Afraid of The Big Bad Compliance Wolf? blog post.
Click above to view the Human Resources: Are You Audit Ready? webinar.
Click above to download the
Audit Notice Sample Letter.
Click above to download the
DOL ERISA Guide.
Click above to download the
Compliance Guide Checklist.
Click above to download the ERISA
Compliance FAQs Fiduciary Responsibilities flyer.
Click above to download the Are
You Prepared for ERISA Compliance flyer.
Click above to download the
Click above to download the TASC (PCORI) Patient-Centered Outcomes Research Institute flyer.
Click above to download the Affordable Care Act Provisions (Self-Compliance Tool for Part 7 of ERISA) document.
Click above to download the Health Care-Related Provisions (Self-Compliance Tool for Part 7 of ERISA) document.
Click above to download the HIPAA and Other Health Care-Related Provisions (Self-Compliance Tool for Part 7 of ERISA) document.
Click above to download the HIPAA and the Affordable Care Act Wellness Program Requirements document.
Click above to download The Genetic Information Nondiscrimination Act document.
Click above to download the Mental Health Parity Provisions document.
Click above to download The Newborns’ and Mothers’ Health Protection Act document.
Click above to download The Women’s Health and Cancer Rights Act document.
The Smart Compliance Portal is an online cloud-based portal that helps you and your organization attain and maintain compliance with your health and welfare plans.
Inform on Reform© provides continually updated, timely information on national health care reform (NHCR), and as clarifications become available.
Click above for more details on our upcoming Customer Exclusive monthly BAN Webinars. Email invites are sent a few days prior to the webinar, so that customers may register for it.