Products December 2, 2015

Report Helps Employers Navigate ACA Reporting

“Employers face a steep learning curve between now and the early 2016 filing deadlines,” says Jeff Knapp, senior editor with the Tax & Accounting business of Thomson Reuters.
Reported by

A new report from Thomson Reuters Checkpoint helps large employers understand reporting requirements under new Internal Revenue Service (IRS) Forms 1094-C and1095-C, which will be required starting in 2016 to comply with the Affordable Care Act (ACA).

Specifically, the report explains that the forms collect information on offers of, and enrollment in, employer-sponsored health coverage so the IRS can administer the health care reform law’s premium tax credits, individual shared responsibility payments, and employer shared responsibility (play or pay) penalties.

Get more!  Sign up for PLANSPONSOR newsletters.

The report, “Health Care Reform Information Reporting Requirements for Employers,” includes:

  • A summary of relevant health care reform provisions;
  • The basics of forms 1094-C and 1095-C;
  • Reporting guidelines for self-insured and fully insured health plans;
  • Applicable deadlines; and
  • The consequences of filing failures.

The instructions for the final forms and other IRS guidance explain how applicable large employers (ALEs) will report offers of health care coverage to their employees and to the IRS.

“ALEs have a lot of work ahead of them,” says Jeff Knapp, senior editor with the Tax & Accounting business of Thomson Reuters. “Given the complexity of the forms and the use of a new electronic filing system, employers face a steep learning curve between now and the early 2016 filing deadlines.”

The report is available for download here at no cost.

Data and Research December 2, 2015

Gen X Wants Richer Retirement Benefits

While other generations would prefer more vacation time, Generation X would value richer retirement benefits, a survey finds.
Reported by

New research from MassMutual finds that employee preferences for healthcare insurance, retirement savings, vacation and other benefits largely hinge upon generation and gender.

Overall, 44% of American workers age 18 or older would prefer better 401(k) matches, and 14% would prefer more investment choices in their retirement plans. But, better 401(k) matches was the top choice for Generation X (ages 36 to 49), while it was the third choice (35%) for Generation Y (ages 18 to 35) after more vacation and a flexible work schedule, and tied with expanded health care for the second choice (43%) for Baby Boomers (ages 50 to 70) after more vacation.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

Boomers (24%) would like more investment choices in their retirement plans, more so than Gen Y (13%) or Gen X (11%).

According to Elaine Sarsynski, executive vice president of MassMutual Retirement Services and Worksite Insurance, the findings most likely reflect that few Gen Xers have access to pensions and that many Boomers have not saved enough for retirement.

Employees say their finances are very important to them, but they are not backing up those words with actions. Employees spend much less time reviewing their personal finances or thinking about their employer-provided benefits than doing things deemed less important, like watching television or looking at their social media pages.

The study also found 40% of workers overall would like no health care premiums and 38% would like expanded health care offerings. These benefits were chosen by more Baby Boomers (38% and 43%, respectively) than Gen Y (27% and 28%) or Gen X (32% and 37%).

The study focused on 1,517 working Americans who were in a wide variety of jobs and industries, and at least age 18. More findings can be found here.

«