The Florida Automobile Dealers Association (FADA) understands the ongoing challenges you face with administering your benefits plans and trying to keep costs under control. Keeping track of what is legally required to administer your health and welfare benefit plans is overwhelming enough. Now, with the Affordable Care Act (ACA), your dealership’s “to-do list” (and responsibilities) may have reached their limit! And that’s before you add in trying to stay on top of new cost management and contribution strategies. We are hearing from FADA members that this exponential growth in responsibilities is not sustainable, and we want to help!
Please join us on Monday, January 12 for a free webinar providing a high-level overview of key health and welfare plan requirements and strategies many dealerships are considering to put their plan costs on a sustainable path. Even if you are currently working with a benefit broker or utilize an internal department to handle these functions, members are encouraged to attend the webinar. If you learn of one item that has been previously overlooked, it’s time well spent. We also want to receive input on some ideas we’ve identified as to how FADA may be able to help.
Who Should Attend? This webinar is perfect for owners, controllers, HR / benefit directors – anyone who is worried about the bottom line or has responsibility for managing compliance risk in connection with health and welfare benefit plans.
What Will It Cover? The FADA webinar will highlight benefit reporting responsibilities and compliance tasks of your dealership, along with some cost-management strategies that are gaining in popularity. The following are a few examples:
- Are you prepared to demonstrate to the IRS that you have “offered” health care coverage to “substantially all” of your “full-time employees” and “dependent children”? (All terms in quotes are defined by federal law, not the dealership.)
- Data Collection for new IRS Forms 1094 and 1095 begins in January! Are you sure you’re gathering everything that’s required, and do you have a plan to consolidate the data from your payroll system and the benefits enrollment information?
- The Department of Labor (DOL) is actively auditing that dealerships have certain documents required by ERISA. One recent audit letter provided the dealership with only 10 days to provide copies Plan Documents, Summary Plan Descriptions, ACA-required notices, and more. Could you provide all of these in that amount of time?
- Are you sure you have been filing Form 5500 as required? The DOL is also auditing for compliance with this requirement. It’s possible to streamline the number of forms that are required to be filed; have you explored whether that would work for you?
- When you’ve modeled out your medical plan budget over the next several years, what cost estimate did you include for the excise tax on high cost plans? Do you know what plan changes you’re able to make that could delay the impact of the tax?
- With the impact of reporting changes and benefit requirements, have you done everything possible to ensure your costs are sustainable for you and your employees over the next few years? Have you explored whether defined contribution or high deductible health plan strategies could help?