HR Compliance

Infographic: Navigate the Affordable Care Act with Paycom

By

Jason Bodin

| Mar 28, 2013

Paycom’s single-application technology empowers employers to easily track and report employee data for all FEINs, making Paycom the industry choice for compliance.

The Affordable Care Act (ACA) has left employers across America dealing with a murky mix of looming requirements and deadlines that impact businesses’ health benefits, administrative processes, reporting responsibilities, employee staffing and ultimately the bottom line. Today Paycom released an infographic designed to aid businesses looking to navigate the uncharted waters of ACA compliance.

While Paycom and other payroll providers cannot change compliance obligations, Paycom’s unique and propriety human capital management technology was designed to help ease the compliance burden.

“We realize the impact the Affordable Care Act has on employers and are dedicated to providing the tools to empower businesses to navigate health care reform today and in the future,” Paycom CEO and Founder Chad Richison said.

The ACA – signed into law on March 23, 2010 – has already begun to impact employer reporting requirements and will continue to roll out additional compliance obligations over the next few years. Paycom’s infographic illustrates the employer obligations under this new legislation and how the right HR technology can help mitigate exposure.

Below are a few key compliance issues. Full details can be found in the infographic:

  • Required to continue health care coverage for qualified dependents up to Age 26.
  • Employers with 50 or more full-time employees in 2013 (or 50 full-time equivalent employees as defined by the ACA) will qualify as large employers for 2014 and will be required to provide minimum essential insurance coverage to employees or face possible penalties.
  • Employers with 50 or more full-time employees must have employees enroll or decline their health benefits within 90 days or face penalties.
  • Employers will continue to face detailed tracking and reporting requirements on hours worked, employee enrollment, coverage and health care costs.

“Complying with the ACA requirements will have a significant impact on employers as they see increases in health care benefit plan costs and the potential for penalties can directly impact a businesses’ bottom line. Having the right HR technology can ease the burden of ACA compliance,” Richison concluded.

Paycom’s single-application technology empowers employers to easily track and report employee data for all FEINs, making Paycom the industry choice for compliance.

The content of this infographic is intended to keep interested parties informed of legal and industry developments for educational purposes only.  It is not intended as legal opinion or tax advice and should not be regarded as a substitute for legal or tax advice.

About the Author

Jason Bodin

Jason Bodin has been the communications pulse for a number of organizations, including Paycom, where he serves as director of public relations and corporate communications. He helped launch Paycom’s blog, webinar platform and social media channels. He aided in the development of Paycom’s tool to assist organizations in complying with the Affordable Care Act, one of the largest changes in health care the country has seen. A graduate of the University of Oklahoma, Bodin previously worked for ESPN and FoxSports. In his free time, he enjoys adventuring with his family, reading and strengthen his business acumen.

See more posts by Jason Bodin