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One Employee Plans are exempt from PCORI filing and fee!

June 6, 2014
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Great news, because of the countless hours of research that TASC’s legal, compliance, and governmental affairs departments spent researching IRS Notice 2013-54, we are able to simplify your Clients’ One Employee AgriPlanNOW BizPlanNOW Plan administration further!

If your Client only has one benefit eligible employee, they no longer have to pay a Patient-Centered Research Outcome Institute (PCORI) fee or file IRS Excise Tax Form 720 due to their employer-sponsored HRA Plan. (They may still have a tax obligation to complete this form and pay a fee for a different business reason.) Last year we provided your Clients with instruction and a pre-filled IRS Excise Tax Form 720. This year we are happy to report that it’s no longer necessary for sponsors of a One Employee Plan.

In fact, a One Employee Plan no longer requires:
• A Summary Plan Description.
• Marketplace Notices.
• A Summary of Benefits & Coverage.
• Patient-Centered Research Outcome Institute (PCORI) Fee and IRS Excise Tax Form 720 filing.

In addition, a One Employee Plan is NOT subject to:
• Employee Retirement Income Security Act (ERISA).
• Health Insurance Portability and Accountability Act (HIPPA).
• Consolidated Omnibus Budget Reconciliation Act (COBRA).

Our compliance team will continue to monitor changing legislation and will update your Clients’ Plan Documents and administration requirements as necessary to keep them compliant and protect their tax savings.

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