OKLAHOMA CITY, March 28, 2013 (GLOBE NEWSWIRE) -- 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.
For more information:
Chief Marketing Officer
800.580.4505 or c. 405.603.4401 405.203.5742
Oklahoma City-based Paycom www.PaycomOnline.com pioneered the online payroll market in 1998 as the first 100 percent online payroll provider. Now with a robust suite of HR technology, Paycom is the largest and fastest growing exclusively online provider of payroll and human capital technology in the U.S. Paycom serves customers in all 50 states from 23 offices across the country.
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