What’s Required of Employers with >50 Employees?
Employers that sponsor fully-insured medical plans with fewer than 50 full-time plus full-time equivalent employees do not have to meet IRS Section 6056 requirements, which requires annual reporting to the IRS by applicable large employers. Under this scenario, the reporting requirements and delivery of copies of the 1095 forms to covered individuals/employees would be the responsibility of the carrier.
However, if the employer sponsors a self-insured medical plan and has fewer than 50 FT+FTE employees, then the employer would have to report the coverage to the IRS under Section 6055 and deliver copies of 1095 forms to covered individuals/employees.
For a more detailed chart outlining the reporting requirements and deadlines, please me at John@Rileyebi.com. I would be happy to provide you with this additional information and/or try to help you with any questions. This information along with the detailed chart was provided by our general agencies compliance department. Employee Benefits Compliance is something that businesses of all sizes need to be on top of, that is why our agency provides benefits compliance and paperless benefits administration to our clients at no additional charge; we believe compliance and technology must go hand-in-hand.