Appleton, WI (PRWEB) February 20, 2014
An employee benefits administrator with card-carrying members in all 50 states, Cypress Benefit Administrators is helping employers understand requirement changes now that the shared responsibility (“pay or play”) deadlines within the Affordable Care Act (ACA) have again been extended.
The Wisconsin-headquartered company serves many large-sized employers affected by this ruling and has been following all changes since its inception. It breaks down the new timing set forth by the Internal Revenue Service (IRS) in early February as it relates to when employers must provide a minimum level of affordable health insurance before penalties may be incurred.
As Cypress explains, the “pay or play” requirements only apply to employers with a certain number of full-time employees or full-time equivalent employees (FTEs). Each year, this number must be re-assessed.
In its latest ‘Cypress Solution’ eNewsletter, Cypress provides more details for affected employers, including measurement methods for determining a company’s number of full-time employees in a plan year.
Cypress President and CEO, Tom Doney, explained that his team of employee benefit administrators has been receiving several inquiries on the recent rule changes. “We have been keeping a close eye on the ACA and related changes since it first came about,” he said. “There have been a lot of rule updates along the way and many employers are looking to us to help interpret the technical lingo.” With another change to the deadlines, Doney noted, “It’s not just about when the requirements take effect. Employers need to know what their specific responsibilities are under the ACA and how to meet them to avoid facing federal penalty.”
In addition to the ACA “pay or play” timing changes, Cypress also offers clarification assistance on the 2014 to 2015 extension of a package of limited transition rules that relate to non-calendar plan years, dependent coverage and more.
A privately held company headquartered in Appleton, Wis., Cypress Benefit Administrators has been pioneering the way toward cost containment in self-funded health benefits since 2000. The third party administrator (TPA) is the country’s first to bring claims administration, consumer driven health plans and proven cost control measures together into one package for companies ranging from 50 employees to thousands of employees. It serves employer-clients across the U.S. with additional locations in Portland and Salem, Ore., Omaha, Neb. and Colorado Springs, Col. For more information on Cypress and its customized employee benefits, visit http://www.cypressbenefit.com.