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BULLETIN -- Supplement to April 26, 2012 Issue Get Retirement News  |  Advertise  |  Unsubscribe  |  Past Issues  |  Search

BULLETIN — Supplement to April 26, 2012 Issue

[Official Guidance]
IRS Notice 2012-33: Reporting by Applicable Large Employers on Health Insur.ance Coverage Under Employer-Sponsored Plans (PDF)
"[Internal Revenue Code] Section 6056 requires reporting of certain information on employer-provided health care coverage provided on or after January 1, 2014 and the furnishing of related statements to employees. The first information returns will be filed in 2015. The Internal Revenue Service will use the information that employers report under section 6056 to verify employer-sponsored coverage and to administer the shared employer responsibility provisions under sections 4980H(a) and (b)." (Internal Revenue Service)

[Official Guidance]
IRS Notice 2012-32: Reporting of Health Insur.ance Coverage by Plans Providing 'Minimum Essential Coverage' (PDF)
"This notice invites comments concerning the reporting requirements under section 6055 of the Internal Revenue Code for health insur.ance issuers, government agencies, employers that sponsor self-insured plans, and other persons that provide minimum essential coverage to an individual. Section 6055 was added by ... the Patient Protection and Affordable Care Act ... The reporting requirements apply to coverage provided on or after January 1, 2014. The first information returns will be filed in 2015." (Internal Revenue Service)

[Official Guidance]
IRS Notice 2012-31: Minimum Value of an Employer-Sponsored Health Plan (PDF)
"This notice describes and requests comments on several possible approaches to determining whether health coverage under an eligible employer-sponsored plan ... provides minimum value within the meaning of Section 36B(c)(2)(C)(ii). Beginning in 2014, eligible individuals who purchase coverage under a qualified health plan through an Affordable Insur.ance Exchange may receive a premium tax credit under Section 36B unless they are eligible for other minimum essential coverage, including coverage under an employer-sponsored plan that is affordable to the employee and provides minimum value. Under Section 36B(c)(2)(C)(ii), a plan fails to provide minimum value if 'the plan's share of the total allowed costs of benefits provided under the plan is less than 60 percent of such costs.' If the coverage offered by the employer fails to provide minimum value, an employee may be eligible to receive a premium tax credit. An applicable large employer (as defined in Section 4980H(c)(2)) may be liable for an assessable payment under Section 4980H if any full-time employee receives a premium tax credit." (Internal Revenue Service), Inc.
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Jeanette Hull, News Editor
David Rhett Baker, J.D., Editor and Publisher
Lois Baker, J.D., President
Holly Horton, Business Manager

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