The Treasury Department released a note yesterday afternoon (Tuesday July 2) announcing the delay in the implementation of the employer insurance mandate and reporting requirements until 2015. The affordable Care Act requires that companies that employ 50 or more full-time equivalent employees offer coverage or face penalties. The Treasury Department note indicates that, based on concerns by employers that the system for reporting the coverage was too complex, the government would simplify the reporting system and give employers an additional year to comply with the coverage and reporting requirements of the law.
The mandate was originally set to take effect in 2014, but will now start in 2015. All other provisions of the Act, including the individual coverage mandate, are unchanged by this announcement. The Treasury Blog post indicates that official guidance on this change will be released in the coming weeks.
Attached is a link to the Treasury Note.