In July 2016, the IRS released a proposed rule addressing how opt-out arrangements–arrangements whereby an employer offers its employees a cash payment in exchange for declining coverage under an employer-sponsored plan–are to be taken into account for purposes of determining whether the coverage is affordable under certain provisions of the Affordable Care Act. While the IRS anticipated finalizing this rule prior to the end of 2016, the IRS has announced that it expects to finalize such guidance “at a later time.”
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IRS: Opt-Out Arrangement Rules To Be Finalized ‘At A Later Time’
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A new law allows certain small employers–those with fewer than 50 full-time equivalent employees who do not offer a group health plan–to offer new “qualified small employer health reimbursement arrangements” to reimburse employees for qualified medical expenses, including individual health insurance premiums, for years after December 31, 2016. The law also includes a notice requirement for these new HRAs.
Qualified Small Employer HRAs
Qualified small employer health reimbursement arrangements (HRAs) are exempt from the ACA’s market reforms. To be considered a qualified small employer HRA, the arrangement generally must:
- Be funded solely by an eligible small employer without salary reduction contributions;
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Certain Small Employer HRAs Exempt From ACA Market Reforms
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The new year is a great time to take stock of your company’s compliance with important federal, state, and local labor law requirements. Keep these resolutions in mind to help start your company off right in 2017:
- Give your poster wall a thorough check-up. Make sure all of your workplace posters are up-to-date and the correct size. Check with your state labor department for any industry-specific poster requirements that may apply to your business. Note that certain localities may also have posting requirements.
Great news for the small business economy: according to the HIS Small Business Index, small business growth expanded in February to the highest level in nearly a year.
The Index expanded last month to 100.75, up .10% from January and just .08% of the pace set a year ago in February 2015. According to the study, and reading above 100 indicates growth. Further, the pace of small business growth is up .33% in the last quarter.
By 2025, Millennials will make up about 75% of the work force. And as Millennials take over the workplace, the qualities that define a “leader” will change.
For example, The Millennial Leadership Survey states nearly all, 91% of all Millennials, aspire to be leaders, and 43% of them are motivated to be the kind of leader that empowers others. This is a major departure from the leaders of today; Millennial leaders aren’t seeking to be trailblazers in just business, these leaders are looking to make a difference and change the world. They want to lead with purpose, inspire, and challenge others to find their purpose.