July 2015

 

Happy July from HR Simplified!  We hope this email finds you well and enjoying all that summer has to offer.  As the summer months are in full swing we have a few important announcements to share. 

New COBRA Report

 

Beginning with the reports posting to our website in July, will be a new report providing you the 2015 data necessary for your ACA reporting.

 

Sections 6055 and 6056 were enacted as part of the Patient Protection and Affordable Care Act.  Section 6056 requires annual information reporting by applicable large employers relating to the health insurance that the employer offers (or does not offer) to its full-time employees.  As your partner, HR Simplified has developed a new - and easy to interpret - report that will provide you with all of the information necessary to complete the required forms for your COBRA continuants as part of these new regulations. 

 

In addition to this report being available on a go forward basis, we are also preparing it retroactively to January 1, 2015 so that you have all of the information you will need for the required filing.

 

HR Simplified is also providing ACA compliance and reporting services.  Our services provide decision support for early warning and penalty mitigation, reporting for the 1094/1095 forms, tracking for employee status and data management.  We are prepared to assist you through the maze of ACA regulations with our system and expertise.  For further information on how we can help with your compliance efforts, please contact Rudy Allebach at rudy.allebach@hrsimplified.com, or 763.746.7425.

The Bancorp Paper Statements


 Our HSA bank partner, The Bancorp*, will be moving to an online statement platform effective January 2016.  Accompanying each of the paper statements from June through December of 2015 account holders will receive a message that will prompt them to go online and register to receive online statements only.


 As of January 2016 a paper statement fee of $2.50 will take effect for anyone who has not elected online statements by that time.    

 

*If your employees do not have HSAs with The Bancorp, this change will have no impact.
Do You Have Employees in DC?

 

The District of Columbia has released details regarding a new Commuter Benefits Ordinance, as part of a larger Sustainability Act.  This ordinance requires businesses with over 20 employees located in Washington, DC, to offer commuter transit benefits to their employees.

 

By January 1, 2016, employers that meet the program requirements will be required to provide one of the three following commuter benefit options:

  1. Employee-Paid Pre-tax Benefit - Employees use pre-tax funds for transit fares up to $130 per month
  2. Employer-Paid Direct Benefit - Employers subsidize transit and vanpool fares up to $130 per month
  3. Employer-Provided Transit - Employers provide complimentary shuttle or vanpool service to employees

As an expert in the Pre-tax Accounts field, HR Simplified has a fully integrated solution to help you fulfill this requirement.  Via our real-time administration system we have years of administering Employee-Paid Pre-tax Commuter Benefits (Option #1 above).  Participants who take advantage of this new offering will be able to view all of their accounts through a single website and can access all of their accounts via a single debit card.

 

Additional information regarding this ordinance can be found at: http://www.godcgo.com/home/commuter-benefits/employer-services/commuter-transit-ordinance.aspx.  If you would like to discuss how HR Simplified is prepared to partner with you and next steps to implement a Commuter Benefits program please don't hesitate to contact your Account Executive.
Mike Melnychuk
CEO & President HR Simplified, Inc.

"Simply the Best at What We Do"