The Affordable Care Act requires that companies with 50 or more employees provide health insurance or pay a fine. This mandate was to begin January 1, 2014, but the U.S. Treasury announced yesterday that this requirement will not be implemented until 2015. A formal guide describing the transition will be published by the Treasury within the next week.
Businesses have voiced concerns about the requirements and the complexity to effectively implement them. As a result, employers will have an additional year to prepare for health insurance implementation while the Administration looks for ways to simplify the reporting requirements.
To read the official press release CLICK HERE.