Chances are that whatever methods, programs, or software you have, the Affordable Care Act (ACA) requirements will challenge you to attain all of the data necessary for compliance.
Managers can share the data between departments with increased accuracy and efficiency, saving both time and money while making ACA compliance easy.
ERISA Compliance
ERISA requires employers to provide specific information to participants, such as the features and funding of plans on a set distribution schedule.
All group-sponsored benefit and retirement plans require an assortment of communications, forms, and record-keeping.
Payday HCM offers ongoing ERISA compliance reviews and Medical Loss Ratio rebate calculations. We also supply “Wrap” Summary Plan descriptions, Material Modifications, and Summary Annual Reports to keep you in compliance, as well as filing for each group of 100+ participating employees requiring IRS Form 5500.
COBRA Compliance
COBRA generally requires that group health plans sponsored by employers with 20 or more employees in the prior year offer employees and their families the opportunity for a temporary extension of health coverage (called continuation coverage) in certain instances where coverage under the plan would otherwise end.
Payday HCM offers simplified COBRA management for your eligible employees.
Take the Pain out of ACA Management
Download our ACA Reporting Guide, and take a look at how our ACA reporting tools can make ACA management and compliance much easier and simpler for your business.
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