We know staying on top of compliance and regulatory issues – and all the varying deadlines – is incredibly challenging. An important deadline which affects you as an employer offering Health Reimbursement Arrangements (HRAs) is fast approaching. We notified you of this on June 12 and want to give you a “last chance” reminder, if you haven’t already completed the PCORI filing. Don’t delay, or you may be out of compliance.
On June 12, we notified you of a requirement under the Affordable Care Act (ACA) called the PCORI fee. To fund PCORI, PPACA imposes a fee on employers who sponsor self-insured health plans and insurers providing fully insured health coverage as well. For each policy or plan year ending on or after Oct. 1, 2012, and before Oct. 1, 2019, the first payment was due by July 31, 2013. For each subsequent year, the fee is due no later than July 31 following the last day of the plan year. The deadline for you to postmark your PCORI Fee filing is July 31, 2014.
Sterling offers a PCORI Fee Calculation service for a flat rate of $150 for our Health Reimbursement Arrangement (HRA) clients.
- We must have your information by July 28, 2014 in order to complete the calculation and provide the information to you that you will need to meet the July 31, 2014 postmark deadline.
Contact your Sterling Client Services Specialist today for help!
Learn more about PCORI Fees.
Sterling Administration is all about service, not just “bank” accounts. With Sterling Health Savings Accounts (HSAs) you get:
- Zero set-up fees (for existing HSA rollover groups, or groups of 1000+ only) and access to our easy-to-use online enrollment and account funding tools.
- Low monthly administration fees starting at $2.50 per individual account per month.
- Industry leading experts to help with HSA education and enrollment support.
- Carrier (EOB) integration for automated reimbursement using HSA funds.
- Spanish language option for HSA enrollment, educational materials, forms and customer service.
- Compassionate medical bill payment negotiations when members are short on money.
- Claims check to make sure network discounts are applied and the charges are accurate.
- Above market interest rates and freedom to self-direct investments of HSA balances.
- Money back guarantee of up to one year of monthly account management fees, if members are dissatisfied with our service.
Learn more about HSAs.
Employers with employees in the greater California Bay Area need to know about the new Bay Area Commuter Benefits Program and what you must do to comply. Effective September 2014, a new law requires employers with 50 or more employees located in the greater Bay Area to provide commuter benefits to their employees. Details and a link to a site where employers must register can be found here.
An easy way to comply is by setting up a transit & parking FSA through Sterling. We make the complex simple – we’ve administered these plans for years and can quickly help you.
Contact your Sterling Sales Representative today so you don’t miss the deadline.
Are you an employer group with over 100 plan participants under a health and welfare plan? Did your plan year end December 31, 2013?
If you answered yes to both those questions, you are required to file Form 5500 by July 31, 2014.
Employers with over 100 plan participants are required to file Form 5500 within 7 months of the end of their plan year, so be sure to check when your plan year ends and contact us right away to make sure you’re in compliance.
We need your information by July 1, 2014 in order to avoid additional charges for a filing extension.
Sterling can complete the Form 5500 Filing whether or not we administer your benefit plans, HRA or FSA. Our filing service provides:
- All documents, including Form 5500 and Schedule As, sent to clients as a PDF file to sign and return to Sterling. We electronically file with the Department of Labor on the employer’s behalf.
- Preparation of IRS Form 5558 to request a filing extension, if needed.
- Working with employers to amend past incorrect or insufficient filings to ensure IRS compliance.
- Records maintenance for future reference in the event of questions from the IRS or Department of Labor.
Don’t delay, or you may be out of compliance. Let us help make the complex simple and contact your broker or Sterling sales representative to get this process started today.