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You will find two recent employee benefits compliance alerts below. The first provides information on how to handle errors in the statements required by Sections 6055 and 6056. The second is the final version of the SBC template and related materials.
Lyons is available to assist with your compliance efforts. Please contact us with any questions or concerns.
Regards,
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Employer Reporting Errors
Now that the deadline under Sections 6055 and 6056 for issuing statements to employees/covered individuals has passed, employers may begin to identify errors in the statements issued. And once statements are filed with the IRS, the IRS may identify errors or information that does not match its records. In both cases, employers must take steps to rectify the errors or address inconsistencies (or demonstrate reasonable cause) to avoid potential penalties under Code §§6721 and 6722.
Read the full compliance alert here.
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Final SBC Template and Related Materials
The Departments of Labor, Treasury, and Health and Human Services ("the Departments") have released final versions of the Uniform Summary of Benefits and Coverage (SBC) template, instructions, sample language, and Uniform Glossary ("glossary"), along with a Coverage Examples Calculator and related instructions. Group health plans and issuers must begin using the final templates on the first day of the first open enrollment period, plan year, or policy year beginning on or after April 1, 2017.
Read the full issue brief here.
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to ensure you stay current on updates like this.
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