HR Compliance Made Easy: Webinar with TASC May 5th!

On May 5 th , we will be hosting a free webinar with our partners at TASC to cover the most recent HR compliance topics. The webinar will cover HR compliance issues such as ERISA compliance and ACA compliance. Possible pitfalls and common mistakes will be made apparent to prevent companies from becoming non-compliant and will help participants apply this knowledge.

TASC, our premier partner for compliance solutions, is a third party administrator that provides innovative solutions for all types of HR compliance, including Affordable Care Act (ACA) Reporting, which is at the top of most employers lists these days. TASC’s ACA Reporting service takes you through all of the steps in ACA compliance, starting by identifying if your company is an applicable large employer (or ALE) and if your health insurance coverage is affordable and meets minimum value requirements.

With their ACA service, TASC provides a monthly spreadsheet that makes recording easy and manageable by even the least experienced in HR compliance. In addition, completing the spreadsheet on a month-to-month basis allows you to avoid the end of year rush.

Overall the TASC ACA service provides:

  • ALE determination
  • Plan assessment for affordability and minimum value requirements
  • Hour tracking for variable employees
  • Health insurance coverage information compilation
  • IRS Form completion, filing and distribution

ACA compliance is one of the hottest topics in HR compliance in recent months. To ensure you’re prepared, contact your broker to find out what your company is required to do and how they can help you with the responsibilities. In the meantime, please register for our complimentary webinar by our partners at TASC: Compliance Made Easy.

4 Reasons to Outsource HR Compliance

HR compliance is undoubtedly one of the hottest topics in human resources in recent years. As legislation continues to change, the time needed to stay abreast of changes and remain in HR compliance is steadily increasing. Employers offering health insurance and other benefits to their employers are at risk of being audited in relation to several HR compliance requirements including ERISA, HIPAA, ACA, FMLA, FSA and COBRA. In Florida and Virginia, in addition to other states, there are options for outsourcing HR compliance that can help streamline human resources compliance procedures and even take care of compliance altogether.

As health insurance brokers, we are often asked when it is time to outsource HR compliance. Here are five reasons your business might choose outsourcing these services rather than try to handle the responsibility internally.

  1. Limited Staff – In larger companies, compliance officers are charged with understanding and keeping up with compliance related legislative changes. In addition, HR directors, managers, coordinators and other HR professionals are tasked with filing paperwork, completing logs and taking courses to stay current on HF compliance topics including ACA reporting, HIPAA, FMLA, FSA and ERISA compliance. If you’re part of a small company that offers health insurance and other employee benefits without a dedicated HR professional, compliance can become a daunting and overbearing task. As laws change and requirements become more and more time-consuming, putting these responsibilities onto existing support staff may be stretching employees thin. Outsourcing HR compliance will lessen the load internally and make this less challenging.
  1. Limited Time – Depending on when your business has its “busy season”, which for some may be year round, you may just simply not have the time for compliance. Filling out forms, tracking health insurance coverage (for ACA) and abiding by deadlines might be impossible for your business to achieve. Outsourcing your HR compliance responsibilities (in most cases) is less costly then hiring additional staff to complete these tasks. Especially in the case of employers with more than 100 employees who are offering employee benefits and group health insurance plans, HR compliance can take as much time as a part-time job.
  1. Non-compliance – In cases where your business has been non-compliant or simply avoiding HR compliance issues, outsourcing is the best decision you can make to get back on track. The knowledge that an outside compliance company (like TASC) will have cannot be matched by trying to “catch up”. Understanding the full scope of what is needed to become compliant could be complex and daunting. Using an outside company that specializes in HR compliance will have the knowledge needed to move forward with ACA reporting needs, ERISA compliance, HIPAA compliance, FMLA compliance, FSA compliance and other compliance reporting issues that your company may need to tackle with the IRS.
  1. Limited Funds – Outsourcing HR compliance may actually be less costly than the repercussions your business could face in the case of non-compliance. Penalties and fines are levied on a daily basis by the IRS to companies who have failed to report and file forms by the deadlines set. In addition, if you find yourself in a non-compliant situation, many HR compliance outsourcing companies can give you an action plan to bring your business into compliance while counseling you on how to proceed with the least monetary ramifications.

For some, HR compliance can be downright scary. Filing deadlines, consequences and penalties make this topic one that not many HR professionals are fond of. Outsourcing HR compliance can make these responsibilities achievable with the peace of mind that they are being done right. Whether your company doesn’t have the staff, is short on time, is non-compliant or has limited funds, HR compliance outsourcing may be the answer. Contact your health insurance and benefits broker to find out if this solution is right for your business.