DON’T BE CAUGHT OFF GUARD! NEW §6055 AND §6066 REPORTING REQUIREMENTS BEGIN IN 2015
Does your company sponsor a self-funded group medical plan, or do you have 50 or more full-time equivalent employees? If you answered “yes” to either of these questions you will likely have significant reporting requirements that you should be planning for. These new reports require data based on your 2015 payroll, so even though the reports aren’t due until 2016 you may need to take action now.
360benefits will help our clients complete this reporting; however, the data needed is often spread across multiple systems, including your carrier and your payroll system. If you will be required to complete the new reporting you should contact your payroll company to see if they have reporting options available to help you collect the information throughout the year. In most cases you must proactively elect the option with your payroll company – they will not do this automatically.
The table below provides a brief summary of the reporting requirements.
