Employee benefit compliance continues to increase in scope with the implementation of the Affordable Care Act. The new layer of record keeping required by employers and the related Federal penalties for noncompliance make tracking and reporting a must. Benefit managers will need to regularly analyze new layers of information to confirm their compliance.
By incorporating Health Care compliance tools in Benefit Connector employers automatically transition qualifying employees into an enrollment period without having to transfer data from a separate tracking system. Removing steps from the process creates efficiencies and cost savings for employers.
Benefit Connector has the ability to:
- Track Play or Pay eligibility
- 9 1/2% Affordability Threshold
- The required W – 2 Reporting for employer contribution toward healthcare premiums
- Generate reporting necessary to support an employer’s efforts for compliance
- Generate 1094/1095-B and 1094/1095-C forms
- Electronically file 1094/1095-C forms with the IRS