Are you meeting ACA reporting compliance standards?
The United States Supreme Court’s ruling on the Affordable Care Act (ACA) (Burwell decision) has plan sponsors focusing on ACA reporting compliance. While there are a number of organizations that will help you with the required reporting, there are a few areas that first must be addressed.
- Define your measurement, administrative and stability periods.
- Be sure you know what ACA reporting data is needed.
- Document where that data is created and stored. You might need to run lookback queries.
- Assess alignment of HR, time reporting and benefit eligibility data.
Common questions about ACA reporting compliance include:
- Do I have the right level of granularity of time reporting data to assess the hours worked requirements?
- Where is unpaid leave information stored?
- Is my dependent information on file sufficient for reporting?
- Do I have the ability to create reports using all required forms of compensation?
- Are my transactions effective dated?
- Do I need to create new accumulators for ongoing queries?
- How will data be stored to ensure compliance?
- What is the system of record for all required data?
These are just a few of the items that you may want to contemplate as you review your ACA compliance reporting.
Need help? Our consultants can review your ACA compliance procedures and ensure you’ve identified the right sources.