ACA fines and penalties are assessed against the employer.
Rizor & Nolan Advisors created this informative email series to give you advice on how to manage your health and welfare benefit plans, and to tell you about the advantages of working with our expert team.
Your ACA Requirements Depend on Several Factors
Commonly called Obamacare, ACA or the Patient Protection and Affordable Care Act, was enacted in 2010. Since then, some of ACA’s provisions have been implemented, while others will be put in place between 2014 and 2018.
Your requirements under ACA depend on several factors including:
• The type of employer you are
• The size of your group
• How you fund your plan (fully insured or self-insured)
The most important thing to understand about ACA is that if you run afoul of any of the provisions that apply to you, your
business could be subjected to significant penalties and fines.
Unlike ERISA, under ACA the majority of fines and penalties are assessed against the employer, not against the individual fiduciaries or persons responsible for the plan decisions. Employers could suffer civil penalties as well.
That’s why it is critical to understand what the requirements are under ACA and which ones apply to your plan. Then a process can be established to meet those specific requirements.
We specialize in giving small to mid-market employers a level of quality and expertise – with administration and protections usually only available to Fortune 500 companies.
Rizor & Nolan Advisors is the only firm that establishes, implements and administers a comprehensive benefit plan process designed to:
- improve plan quality,
- lower plan costs,
- protect you from governmental investigations and audits,
- protect you from penalties and fines, and
- protect you from civil actions.
Rizor & Nolan Advisors becomes a contractual operational fiduciary to your plan and is subject to the same liability as internal plan fiduciaries.