We are pleased to introduce our IOIPay® ACA Dashboard, a web-based employee tracking and documentation solution to aid employers with complexity of Affordable Care Act (ACA) compliance. Through documentation of ACA compliance an employer minimizes tax liability, avoids potential penalties and complies with the Employer Shared Responsibility requirements of the ACA.
Under the ACA, Applicable Large Employers (employers with 50 or more Full-Time Equivalent* (FTEs) employees) are required to offer their FTEs and their dependents health care coverage or pay a penalty. This requirement is known as the Employer Shared Responsibility (or “play or pay”) Mandate.
The IOIPay® ACA Dashboard assists employers in the following ways:
- Calculating and documenting the number of Full-Time Equivalent (FTE), employees on a year-to-date monthly basis
- Determining and documenting whether the employer is an Applicable Large Employer (employers with 50 or more FTEs)
- Determining and documenting when a Measurement Period* begins and ends, the average weekly hours that each employee has worked during a Measurement Period, and the tracked projected status of each employee for the chosen Measurement Period- all in real time (real time updates at time of payroll processed)
- Creating the Initial Measurement Period for New Variable Hour Employees*
- Determining and documenting the “affordability*” of health care coverage in relation to each employee, and the associated penalty for not offering affordable minimum value coverage
- Determining the minimum wage the employer must pay FTEs in order in order for coverage to satisfy minimum affordability requirements
- Determining the potential annual employer shared responsibility tax liability if the employer drops coverage
- Helping employers and their advisors make informed workforce decisions to minimize taxes and avoid penalties under the ACA
Contact us today at firstname.lastname@example.org or 888.697.0021 for more information or to schedule a demo!
*Terms defined are as follows:
Variable Hour Employee: an employee who is paid on an hourly basis and may be Non-Full-Time Full-Time Equivalent: an employee who works an average of at least 30 hours per week, or 130 or more hours in a calendar month Measurement Period: a period of time, chosen by the employer, that is between 3 and 12 months in length during which the employer will keep track of the average weekly hours worked by their Ongoing Salary, Ongoing Hourly and New Variable Hour Employees Initial Measurement Period: the first Measurement Period that applies for New Variable Hour Employees New Variable Hourly Employee: employees who have not worked at least the length of a Measurement Period, is paid on an hourly or salary basis and may be Non-Full-Time Affordable Coverage: coverage deemed affordable for purposes of the Employer Shared Responsibility Tax if the employee’s required contribution for self-only coverage is not more than 9.5% of his or her W-2 wages (W-2 Safe Harbor created and adopted in Employee Shared Responsibility Final Regulations) This document is intended for informational purposes only and not to provide business or legal advice. To understand your legal obligations and how to comply with the Patient Protection and Affordable Care Act, you should consult your business and legal advisors. The IRS provides more guidance on this issue at:http://www.irs.gov/uac/Newsroom/Questions-and-Answers-on-Employer-Shared-Responsibility-Provisions-Under-the-Affordable-Care-Act#Identification.