What is a large employer?

Currently in Colorado, a Large Employer is one with 100 or more employees.

Saving money on employee benefits while still attracting and retaining the best and the brightest is a must in today's economy.  Because both benefit costs and employee expectations are rising, many employers struggle to balance employee needs with their own capabilities and bottom lines.  

Helping you meet these divergent objectives is Cook & Associates Specialty.    

NEWS UPDATE:

Starting January 2015, Employers with 100 or more employees (including full-time and full-time equivalent employees) that do not offer coverage to their full-time employees (and dependents) that is affordable and provides minimum value are subject to the Affordable Care Act penalties if any full-time employee receives a government subsidy for health coverage through an Exchange.

Beginning January 2016, Employers with 50 or more employees (including full-time and full-time equivalent employees) that do not offer coverage to their full-time employees (and dependents) that is affordable and provides minimum value are subject to the Affordable Care Act penalties if any full-time employee receives a government subsidy for health coverage through an Exchange.

Employers with fewer than 50 employees total should easily be exempt from penalties. However, employers that are close to this number should be aware of the potential penalties if they add employees who are full time, or full time equivalent, that would put the employer above 50 employees. Also, keep in mind that companies with common ownership may have to be combined for purposes of this rule.

The penalty amount is up to $2,000 annually for each full-time employee, excluding the first 30 employees. Employers who offer coverage, but whose employees receive tax credits because the coverage is unaffordable or does not provide minimum value, will be subject to a fine of $3,000 for each full-time employee receiving a tax credit.

Employers will be required to report to the federal government on health coverage they provide using 1095-c and 1094-c reporting. This reporting requirement begins 2015, with filing starting January 2016.  This filing is similar to W-2 requirements.