In 2013, the WELS Benefit Plans Office mailed a letter to workers and sponsoring organizations regarding the WELS VEBA health plan and the health care reform law. You can view the letter by clicking this link. In summary, WELS VEBA will continue to operate in 2014 and beyond, in compliance with applicable laws and in accord with God’s Word. The WELS Benefit Plans Office will continue to monitor regulatory developments and keep members and organizations informed. Please refer to this web page as updates will be posted regularly.
Please note: The content provided on this page is intended for informational purposes only based on our best interpretation and understanding of current regulations. This document is not intended or provided for legal or tax advice to individuals and/or organizations.
New Responsibilities for Employers
The list below provides a summary of new employer responsibilities added by the Affordable Care Act. Please refer to the resource guides in the next section for additional information on a specific topic.
- Beginning 1/1/2015, “large” employers with 50 or more full-time employees (plus full-time equivalent employees) must offer affordable, minimum essential coverage to full-time employees or pay a penalty. If your organization has fewer than 50 full-time employees, this requirement does not apply. A one-year delay is applicable to employers with 50-99 full-time employees (plus full-time equivalent employees) for this requirement to be effective 1/1/2016.
- Employers who file at least 250 Forms W-2 will be required to report the total cost of health coverage on each employee’s Form W-2 for each applicable tax year. Employers filing fewer than 250 Forms W-2 may be required to report this cost for future tax years, subject to advance notice issued by the IRS.
- Employers subject to the Fair Labor Standards Act (FLSA) will be required to provide a legal notice to all employees by October 1, 2013, and to future new employees at date of hire. Click this link to view the model notice and instructions on how to complete and distribute.
- Large employers (50+ full-time employees) will be required to report certain data to the IRS and employees beginning with the 2015 tax year. The government has not yet issued final forms and instructions on how to report this data to the government or employees.
In addition to the above new responsibilities, health care reform will impose new fees on WELS/WELS VEBA. The fees are expected to increase WELS VEBA rates by approximately 2% in addition to the regular annual rate increases due to cost trends.
