700 Graham Rd
Cuyahoga Falls, OH 44221
March 2015 Treasurer’s Update
Affordable Care Act Reporting
On February 8th, the IRS issued final forms and instructions for reporting under the Patient Protection and Affordable Care Act (ACA). The ACA added sections 6055 and 6056 to the Internal Revenue Code which require applicable large employers (50 or more FTEs) to file information returns with the IRS and provide statements to their full time employees about the insurance coverage the employer offered. 6055 covers self-insured plans, 6056 covers all other plans. For calendar year 2015, employers must prepare forms 1094-C (transmittal 1094-C Link ) and 1095-C (employee statement 1095-C Link ) and file them with the IRS on or before February 28 (March 31 if filed electronically). The IRS will then use this information to determine if employers are in compliance with internal revenue section 4980H shared responsibility provisions. Employees will use this information to determine if they are eligible for a tax credit under section 36B.
To help with this project, SSDT has created the USPS AFFORD report. The AFFORD report will assist in determining if an employee will exceed 30 hours per week or 130 hours per month and therefore, be classified as full-time under ACA and is can be generated in either txt or csv format. AFFORD Report Link The AFFORD report however, cannot provide all information required to complete forms 1094-C and 1095-C. Specifically, dependent information and months covered is not stored in USPS and will have to be obtained from insurance carriers or possibly an in house HR program. All of this information will then, either need to be compiled and maintained by employers through a combination of the AFFORD report and insurance reports or – you could use third party software that has been developed to handle everything for you.
If you are interested in learning more about third party options the NEOnet fiscal team has lined up demonstrations for Worxtime and SyncStream. These two seem to be the most popular and will provide the reports necessary to be in compliance with ACA reporting. The Worxtime presentation is scheduled for Monday April 6th from 1:45 to 3:30 with Christina Van Skyock from American Fidelity presenting. To register for the event please follow this link; Worxtime Demo Link. The SyncStream webinar is scheduled for Monday April 13th from 2:00 to 3:00 with Rebecca de Montluzin presenting. To register for the event please follow this link; SyncStream Demo Link.
USAS-R Milestone 11
SSDT released this USAS rewrite milestone March 19th. A milestone is released any time SSDT makes significant progress on the project. This is the tenth public milestone release as SSDT continues the process of testing and qualifying aspects of the new system. Milestones are not production ready versions of the USAS software. They are intended for testing and evaluation by ITCs or others interested in the project.
SSDT explains that this milestone releases detail report, requisition, purchase order, invoice and vendor improvements as well as disbursement re-sequence, reconcile, un-reconcile and void options. Specific details can be found at Milestone 11 Link.
If you are interested in seeing a rough version of the future USAS system, follow this link USAS-R Demo Login, log in and try it out.
Folder Sealer Maintenance
In the past year or so I got a quote to overhaul the folder we use for W2’s. It is very expensive relative to the purchase price of the machine but, it has to be done. If you also need this type of maintenance and are interested in trying to get a group quote for this please email fiscal[at]neonet[dot]org. We may be able to use NEOnet as a central location for the maintenance and then save a little of the cost.
MRSC Repurchase Agreement
Due to current market conditions and upon the advice of First Merit, we will be discontinuing our Sweep Repurchase Agreement this month. First Merit has informed us that we would begin incurring a fixed cost for the account beginning in April which would cause us to have negative income at the current interest rate being paid on the interim funds. We will continue to evaluate the market and decide upon investments that serve the consortium in the best possible way.
March 24th at 9:00 – Board of Directors meeting in NEOnet Board Room
April 6th at 1:45 – Worxtime Demo in NEOnet room B
April 13th at 2:00 – SyncStream Demo on NEOnet room B
April 14th – 17th – OASBO Annual Conference, Columbus
April 22nd at 10:00 – Finance Committee Meeting
April 22nd at 12:00 – Treasurers Operating Committee Meeting
April 24th at 9:00 – USAS Roundtable