Paycor Facilitates Compliance With Latest ACA Regulations
The Affordable Care Act (ACA) employer mandate will go into effect on January 1, 2015 for employers with 100 or more full-time employees, and on January 1, 2016 for those with between 50 and 99 full-time employees. As one of the most complicated pieces of legislation ever enacted, the ACA has placed greater pressure than ever on employers to ensure they accurately track and report the hours their employees work. This may prove to be a challenge for the more than half (54 percent) of small and mid-sized businesses that track hours manually--if they track them at all.
As such, it is crucial that employers be able to answer three
essential questions in order to meet the ACA's mandate:
# Is their organization considered a "large employer" according to ACA requirements?
# Which of their employees are eligible for health care coverage?
# Are their health benefit plans affordable for employees?
Paycor addresses these issues directly with the Reporting and Analytics and Time and Attendance modules of its Perform solution. With these modules, employers benefit from an easy, streamlined method for finding out the answers to their crucial ACA questions to ensure they follow the law appropriately.
Other benefits of Paycor's ACA functionality include:
* Enhanced Visibility: With greater insight into the workforce, companies can manage their employees in a way that ensures compliance while maximizing efficiency.
* Accurate Reporting: Whether employee data comes from Paycor's time and labor system or from pay period reporting, employers get access to historic and point-in-time reporting, as well as forward-looking decision support tools.
* Expert Support: Paycor offers clients access to its HR Support Center, a robust, online resource that contains essential information on health care reform, such as checklists, templates and informative guides. Through the HR On-Demand service, clients can connect with HR experts to answer specific questions about their biggest ACA concerns.
"The ongoing implementation of the Affordable Care Act has created a great deal of confusion for employers, driving the need for intuitive, user-friendly solutions that enable them to overcome these challenges and comply successfully with the pending changes," said Brad Dewey, director of Product Management at Paycor. "Our functionality demystifies ACA compliance and helps employers understand their responsibilities so they can make strategic decisions about the benefits they provide their employees."
Visit our ACA resource page to learn more about our ACA reporting software as well as additional information about how Paycor can help organizations overcome their greatest ACA challenges.