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Employee Benefits News from Century Enrollment & Benefit Services LLC
Century Enrollment & Benefit Services Monthly Newsletter
As we wind down the 2017 open enrollment period, its time to reflect on the year that was and give thanks to our most important priorities, our friends and family. Our last newsletter of 2017 will have a bit of information related to employee benefits, but I really just wanted to say thank you for your business. I truly cherish the relationships we have with our clients and want to wish everyone a very Merry Christmas and a Happy Holidays. May the season be filled with joy and laughter and may you be surrounded by your loved ones!
Joseph Cavallaro, President
The IRS recently announced that it will begin notifying employers of shared responsibility penalties under the Affordable Care Act in late 2017. The penalties will be for calendar year 2015 and based in part on information reported on the 1094-C and 1095-C as well as information about full-time employees that received a premium tax credit for coverage on an Exchange. The IRS plans to send Letter 226J that proposes an assessment of an employer-shared responsibility penalty. The employer will have a deadline, expected to be 30 days, to respond and either agree or disagree with the initial assessment, using Form 14764. There will also be an opportunity to report corrections to information originally reported on the 1095-C that may have led to a penalty assessment in error. Please click the link below to find detailed information on the penalty assessment and response process, including links to sample letters and response forms. Employers should familiarize themselves with the forms, as well as the process, and be prepared to respond quickly to communicate any necessary corrections to 1095-C information incorrectly reported to avoid these penalties.
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Medicare Annual Enrollment Period(AEP) Open enrollment Ended December 7th
The Medicare AEP may have recently ended but if you are turning 65 in 2018 you are newly eligible for Medicare and can enroll during a 7 month period. That period begins 3 months prior to your birthday month, includes your birthday month and also the following 3 months after your birthday month. NOTE: You must have Medicare Parts A & B before you can enroll in a Medicare Advantage or Supplement plan. For 2018 we will be offering Excellus, Aetna and United Healthcare plans so please contact us should you have any questions. In addition, you can visit our new website to search for plans in your area and their respective premiums.
Additional resources can be found here:
Paid Family Leave
The NYS Worker's Compensation Board has released the Statement of Rights for Paid Family Leave (PFL-271S). Employers must provide the Statement of Rights to employees when they take Paid Family Leave or take time off from work for a Paid Family Leave qualifying event, but have not requested Paid Family Leave. Employers may also provide this form to all employees to educate them about Paid Family Leave and it may serve as a template for updates to employee handbooks. In addition, upon securing Paid Family Leave insurance or Board-approved self-insurance, employers must obtain PFL-120 from their insurance carrier or licensed agent and display the form in a conspicuous location, similar to what they do for Workers' Compensation and Disability Insurance. Please click the link below to obtain the Statement of Rights for Paid Family leave.
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Century Enrollment & Benefit Services LLC is an independent insurance and benefit communication firm headquartered in Rochester, NY. With over 25 years experience in the insurance industry, the representatives of Century will guide your organization through the maze of employee benefit options available to today's business owner. Our focus is on the selection, implementation and communication of employee benefits to both yourself and your workforce.