Q: What happens if employers decide not comply with ACA mandates?
A: The ACA health care reform is a pay-or-play scenario. Employers do not have to offer adequate health care, but they will face fines and penalties if they choose not to do so. For instance, a large employer could face a penalty of up to $2,000 a year per full-time employee — not counting the first 30 employees — for not providing coverage.
Q: How is Paycom helping its customers comply with the new health care reform rules?
A: Paycom's advanced report-writing capabilities give our customers the flexibility of storing and using their data across multiple date ranges; provide data integrity within our proprietary cloud technology and gives data analytics. Our payroll database tools give employers the ability to determine whether or not they qualify as a large employer (50 or more employees) as defined by the ACA. We empower employers by allowing them to track the number of hours worked by each employee and by determining whether or not they are offering affordable coverage. With our document management and on-boarding features, businesses have easy access to cloud storage of required ACA documents like proof-of-exchange notice. Overall, we mitigate ACA exposure by providing tools to our clients to help them determine whether they are compliant.
PAULA BURKES, BUSINESS WRITER