Update – Employer Shared Responsibility Provision Delayed until 2015

On Tuesday, July 2nd, the U.S. Department of the Treasury announced that the Affordable Care Act (ACA) employer shared responsibility payments and certain employer reporting requirements will be delayed until 2015. The ACA includes provisions requiring employers with 50 or more full-time equivalents (FTEs) to offer minimum essential coverage that is affordable or face potential penalties. Previously, these provisions were to take effect January 1, 2014. Now, applicable large employers have until 2015 to comply. For additional information, please see the U.S. Department of the Treasury statement. We expect more formal guidance in the next week, and we will update you as information is made available.