If you’re planning to expand your workforce, first of all: congratulations on the growth! But secondly, there are some issues that could trip you up. As you plan for upcoming growth, it’s important to be aware of a few things that might affect your company’s compliance with the Affordable Care Act.
The reporting deadline for Form 1094-C and 1095-C electronic filing is Thursday, June 30, 2016. Is your organization prepared? This article answers some frequently asked questions about ACA reporting forms and gives some helpful Form 1094-C instructions.
Affecting companies across the U.S., the Department of Labor’s changes to overtime rules have employers and HR managers taking a second look at employee FLSA status. The FLSA changes, effective beginning December 1, 2016, will raise the salary threshold for overtime pay from $23,600 per year ($455 per week) to $47,476 per year ($913 per week).
As of the beginning of 2016, your company is responsible for proving compliance with the Affordable Care Act. This means that you’re providing health insurance with a 60% minimum value to substantially all (95%) of your employees.
But just providing any insurance plan for your employees to join is not enough; it has to meet strict affordability requirements. What’s affordable for one employee may not be affordable for all, so the dollar amount each employee contributes for their insurance premiums can vary. The least expensive option offered (for employee-only coverage) should not exceed 9.5% of an employee's’ household income in order to be compliant.
While some companies have taken these inherent flaws in the process as a sign that they need to discontinue the review process altogether, that can be a tough sell in some industries. Company leadership may still (rightfully) want a way to keep employees accountable for reaching individual goals and continuing their personal career growth. Until there’s a proven way to get those results without a formal review process, most managers will still be responsible for formal check-ins with their reports to manage performance goals and improvements.
After months of waiting for the final verdict on the proposed FLSA changes from the Department of Labor, HR professionals and employers have some answers–and a lot of work ahead.
On May 18, 2016, President Obama announced the official publication of the Department of Labor's final ruling for overtime regulations. Within its first year of implementation, these new FLSA regulations will extend overtime pay protections to over 4 million workers in the U.S.
Department of Labor Publishes FLSA Changes
On May 18, 2016, President Obama announced the Department of Labor’s official publication of FLSA changes to overtime regulations. It’s been a long time coming, and employers are asking—now what? What are the new FLSA overtime rules? What do the FLSA changes mean for my organization?