The Affordable Care Act (ACA) has always been the most challenging and confusing regulatory burden for all size businesses. The shifting of IRS reporting requirements has further added to the complexity and made employers more worried than ever about the legal issues or fines that they may get subject to due to non-compliance.

The new regulation involves more reliance on monthly data to be captured from employee time tracking and payroll systems. Situation may get more challenging for those using disparate or paper-based systems. They might make things more messy, complicated and very difficult to determine if they even comply with all the mandates or not!

As per the law, employers having 100 or more full-time equivalent employees are required to offer affordable health coverage to at the minimum 70% FTEs by 2015 and 95% by 2016. The employers also need to report to IRS on what type of health insurance they offer to their employees. The ACA reporting deadline with IRS is June 30, 2016 and those who fail to do so or do not offer affordable health insurance to their employees may face strict penalties from IRS.

Eliminate Worry & Manage ACA Reporting & Compliance:

Manually handling the entire process of capturing the reporting data and creating the required reports is not an easy task. These processes do need a lot of time, attention and detailing, and then also you cannot completely get assured of the accuracy (due to human error). Thus, automating your ACA reporting process is the only way how you can accurately report to IRS and free yourself from the hefty penalties.

Here’s how the ACA reporting module features can help you comply with the reporting requirements:

# Group Cockpit

A Dashboard will display snapshot of employees’ data and their current status in a consolidated manner. The group administrator can perform all basic actions to manage the group with the help of the multiple options available. You can also drill down further to track any particular employee’s details.

# ACA Employee Tracking: Measuring Employees’ Status

The information on employee’s status will help in categorizing them as full-time or part-time on the basis of their working hours. ‘Initial Measurement Method’ is used to determine if a new variable-hour hire is full-time or part-time, while ‘Standard Measurement Method’ is used to determine if the hired full-time and part-time employees are working as per their set schedules or not! The results obtained from these methods will decide the next year slots for employees.

# Schedules for Full-Time, Part-Time and Variable-Hour Employees

This feature helps in determining employee eligibility and to make sure that only the eligible employees are offered the minimum essential coverage at minimum costs. In this feature, the work schedules for all kind of employees (FT, PT or variable hour) are set according to the ‘Employer Mandate Specific Method’ to identify employee category. Employees that work either 30 hrs/week or 130 hrs/week are considered as FT while others are PT employees.

# Alerts Related to Employee’s Status & Eligibility

Employers/Managers will receive notifications and alerts whenever:

- An employee’s status changes from full-time to part-time or vice-versa
- An employee reaches benefits eligibility
- An employee crosses the eligibility limit due to scheduled work hours
- An employee becomes eligible for any plan due to a new life event
- Automated alerts can also be sent to employees who reach benefits eligibility.

# Timeline View for Employees’ Current & Historical Stats

As per the reporting requirements for the year 2015, employers are required to provide the total number of full-time equivalent and full-time employees that were offered a minimum essential coverage (MEC) in the year 2015. To collect this information, the attendance data of the year 2014 is required. Thus, the feature makes it easier for employers to collect the information by automatically fetching the required data from the attendance module and computing the total number of MEC holders.

Dovetailing the Above..

Manual processes cannot be taken into consideration when it comes to complying with the mandate. TeemWurk’s ACA Compliance & Reporting module is a complete solution that can help employers better understand and comply with the ACA legislation. The integrated benefits administration, time and attendance and other modules make it much easier to gather all the reporting information and maintain compliance with the mandate.