CHARLOTTE, N.C., July 18, 2013 /PRNewswire/ -- Infinisource, the leading provider of cloud-based workforce management solutions for small and midsized companies, has introduced a solution to help employers comply with the Affordable Care Act Exchange Notice requirement.
Recently, the DOL issued Technical Release No. 2013-02, which presents two required ACA notices: one for employers who offer health coverage and one for those who do not. The notices will help employees evaluate health care options and provide information about the marketplace.
Employers subject to the Fair Labor Standards Act, as amended by ACA, are required to send the Exchange Notice by October 1, 2013. The notice must be provided to all current employees regardless of health plan status, part-time employees, those on leave and employees on COBRA due to a reduction of hours. Thereafter, when an employer hires, the Exchange Notice must be sent within 14 days of the date of hire. The notice must be provided in writing, be easily understood by the average employee and include marketplace information, costs and tax information. It may be provided by first-class mail or electronically if the employer complies with the DOL electronic delivery rules.
Employers should prepare to meet this notice requirement by reviewing notice language to confirm it meets any plan-specific language. Completing the Exchange Notice may be complicated, especially for employers who offer health coverage.
"Infinisource has created a simple process where we take this burden off employers and utilize our standard first class mailing procedures," stated Gary Trainor, CEO of Infinisource. "We will also provide a completed copy of the Exchange Notice for employers to provide to new hires."
Regulations do not identify a specific penalty for failing to comply with the notice requirement; the general PPACA noncompliance penalty of $100 for each day of noncompliance with a PPACA mandate would likely apply. The DOL or plan participants may bring a civil action against an employer for failure to comply.
Employers who are overwhelmed with ACA requirements and time frames can take advantage of yet another Infinisource solution to make sure they are in compliance.
About Infinisource Inc.
Founded in 1986, Infinisource is a nationally recognized leader of Workforce Management technology solutions that was recently named to the Inc. 500-5000 list of fastest-growing companies. Infinisource offers iSolved, a single database for HR, Payroll, Time and Attendance and Benefits Administration, as well as administration for COBRA,Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Arrangements. The company has more than 4,000 broker relationships and 63,000 employer clients. Infinisource is a leader in employment law, compliance and education. For more information, please visit www.infinisource.com.
Lina M. Tonk