Obamacare Realities
Just a Note - 401(k) Restatements
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Obamacare Realities

  Although Advantage Resource is not in the insurance business, we get questions daily about the Affordable Care Act (ACA). There is a lot of discussion and confusion out there regarding the individual mandate, employer responsibilities, reporting requirements, and "pay or play" business decisions. Here we have a down and dirty, simple list of some of the questions you need to be able to answer regarding the ACA and how it relates to your business.
  Learn enough to make educated decisions. Dig deep if you have to. Don’t be tempted to settle for someone’s “one-size-fits-all” solution.
  1. Who has to offer insurance?
  2. Why would I offer insurance if the government says I don’t have to?
  3. Do I have to offer dependent coverage?
  4. What does “pay or play” mean?
  5. What is an “Applicable Large Employer” (ALE)?
  6. What is “Minimum Essential Coverage”?
  7. What does “deemed affordable” mean? How do I prove it?
  8. Are there penalties for paying individual insurance for an employee? What are they?
  9. What is the Individual Mandate? How does it impact my business?
  10. Who gets an Exchange Notice? What is it?
  11. How do I fulfill annual reporting requirements? What are 1094 and 1095 forms?
  12. What is Open Enrollment? Are there differences between Open Enrollment for my Company, and Open Enrollment on the Exchange?
  13. What Employee Notification Requirements are there? What are the penalties for noncompliance?
  14. Summary of Benefits and Coverage (SBC), Summary Plan Document (SPD), a 125 Plan; do I have these? Do I need them?
  15. What is the role of ERISA, the IRS, and the DOL with regards to the ACA?
  16. What about COBRA or State Continuation of Coverage rules?
  17. How does Prevailing Wage mesh with ACA requirements?
  18. What I really want to know is, how do I do this?
    • be in absolute compliance
    • understand what I am doing
    • not add a mountain of unnecessary administrative workload
    • keep my employees fairly happy
    • get the best value for the dollars I spend
  Know the questions to ask so you can find the answers you need. Get educated, be proactive, put a plan in place and follow it.

Just a Note

401(k) Restatements
  Many of you may be getting notices from your 401(k) Third Party Administrator explaining that you must restate your 401(k) plan because of Pension Protection Act (PPA) changes. This simply means that you must fill out and execute a new Adoption Agreement.
  Please take this opportunity to review the new contract before signing and make sure it is in line with what you want to do. Understand what you are doing and why you are doing it. Remember, a lot of the norms with an ordinary 401(k) do not work where Prevailing Wage is involved. We will be glad to help with any questions you may have.

Contractor Spotlight

  If you are trying to gain access to the Hoover Dam or get into the Airport Control Tower at Newark, the security guard standing post and asking for credentials may be a Whitestone Group employee.
  Founded in 2000 by John Clark Sr, The Whitestone Group (www.whitestonegroup.us) is a Service-Disabled Veteran-Owned Small Business (SDVOSB) providing full-spectrum security and investigative services to government and private industry. The Company is licensed in multiple states, with corporate offices located in Columbus, Ohio.
  Whitestone is an Approved Federal Supplier (AFS) of security services throughout the world. The Company has a five- year contract with the General Services Administration (GSA) under which any federal agency can purchase their services immediately, meaning a much needed security solution is only a phone call away. Current contracts include the Federal Aviation Administration (FAA), the U.S. Army, the Department of Energy (DOE), the Environmental Protection Agency (EPA) and others.
  We appreciate our relationship with the management and staff at The Whitestone Group and wish them continued success.
Summer 2015

Upcoming Events
Webinar: The Advantage Resource Fileshare System
   Wednesday, August 19th
   **Limited to Current Customers
       of Advantage Resource
Webinar: The Monthly Benefit Requirement Record (the "Record")
   Wednesday, September 16th
   **Limited to Current Customers
       of Advantage Resource
Understanding Prevailing Wage: Cost & Compliance
   Thursday, October 15th
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