ERIC News Release
For Immediate Release: September 18, 2013
Washington, D.C. – The ERISA Industry Committee (ERIC) today released the results of a poll of its members regarding the new Exchange reporting requirements. Over half of ERIC members responded to the poll, which was conducted over the period from September 13 to September 18.
The Affordable Care Act (ACA) provides that employers are to inform their employees about access to health coverage through the Exchanges. Employers must generally provide the notice to existing employees before October 1, 2013.
The results of the poll were striking. “ERIC learned that virtually all large employers surveyed are planning to send out Exchange notices by October 1st,” said Gretchen Young, ERIC’s Senior Vice President for Health Policy. “Although companies are not subject to a fine or penalty for failing to provide the notice, our members want to ensure that they comply with the law.” She noted that several company respondents to the poll indicated they had to craft a cover letter to accompany the notice because of the confusion and concern it otherwise would have engendered in their employees.
The poll found that 94 percent of respondents were planning to provide an Exchange notice to employees by October 1st. Only 6 percent said that they would not meet the deadline or were undecided, and most of those companies planned to provide the notice later in 2013.
The poll also found that 92 percent of the companies planned to use the model notice created by the Department of Labor for Exchange reporting purposes. Thirty-six percent of companies were planning to make few changes to the notice, while 56% were planning to omit the “optional” information.
For a look at the complete poll results, please go to: ERIC Exchange Notice Survey Results.
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The ERISA Industry Committee (ERIC) is a non-profit association committed to representing the advancement of the employee retirement, health, and compensation plans of America's largest employers. ERIC's members provide benchmark retirement, health care coverage, compensation, and other economic security benefits directly to tens of millions of active and retired workers and their families. ERIC has a strong interest in proposals affecting its members' ability to deliver those benefits, their cost and their effectiveness, as well as the role of those benefits in the American economy.