Important news was announced yesterday afternoon by the U.S. Treasury Department regarding the ACA (Affordable Care Act) employer mandate known as “Pay or Play”.
The U.S. Treasury Department announced the 2014 mandate on large employers, those with 5o or more full-time equivalent employees, to offer qualifying health insurance coverage to their employees or face a penalty is being delayed until 2015.
The U.S. Treasury is working to simplify the reporting required of employers and insurers and doesn’t expect to implement reporting until 2015. Accordingly, it has decided to delay enforcement of penalties until 2015. Formal guidance will be issued by the U.S. Treasury within the next week.
The U.S. Treasury announcement can be read here.