Visitors Now:
Total Visits:
Total Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

DOL vs Small Group

Thursday, October 27, 2016 10:42
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Via email from our friends at Cornerstone:

The Department of Labor, Health & Human Services and Treasury recently issued proposed regulations that would eliminate the “small plan” exemption currently in place for small employers sponsoring a group health plan with fewer than 100 participants.

If adopted, small employers would be required to furnish the same Form 5500 information to the Department of Labor as large employers.” [emphasis in original]

Now why would this be a big deal?

Well, the estimated cost “will add 2.2 million work hours and $241.6 million in reporting costs for small employers (both self-insured and fully-insured).

Think this won’t affect you?

Well remember, all of these additional costs will be passed on to consumers. Not to mention, employers, particularly small employers, have limited funds, so this could very well cost someone(s) their job, or potential job.

What can you do about it?

Well, the DOL is taking comments about it through December 5th, and the folks at Cornerstone have helpfully provided us with an example:

I am requesting that the Department of Labor reconsider the proposed Annual Reporting and Disclosure rules relating to Form 5500 and Schedule J.

The proposed rules that would eliminate the small group exemption on Form 5500 filings plus the additional data collection requirements on Schedule J will add 2.2 million work hours and would cost small employers $241.6 million.

Small employers are already challenged to stay current and compliant with excessive federal, state and local rules and regulations. The proposed changes place yet another unnecessary burden on small employers.

I urge the Department of Labor to reconsider this proposal.”

Original content copyright © InsureBlog

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.