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Is your company COBRA compliant

COBRA NON-COMPLIANCE CAN TAKE A BITE OUT OF YOU DON'T ASSUME YOUR INSURANCE COMPANY, BROKER OR COBRA ADMINISTRATOR HAS YOU COVERED. of 90% employers not COBRA compliant are of employers lose 75% their ČOBRA cases in federal court and can face severe fines and penalties. $100= of non-compliance for each qualified beneficiary ($200 per day max) IRS excise tax of per day ERISA civi SS penalties of $110 of non-compliance for each qualified beneficiary (no maximum) per day ERISA & IRS penalties for a family of tOE'S tOE'S JOE $210 + $210 + $110 + $110 $640 X 180 DAYS OF NON-COMPLIANCE 4 180 for $115,200 days of non-compliance "Additional civil penalties can include attorney and court costs and reimbursement for medical expenses not covered due to improper COBRA administration. New COBRA Audit Guidelines: What are your B internal audit procedures for ensuring cobra is being properly implemented? Can You Prove You Sent Your Employee's Ex-Wife an When They Got Divorced? Election Notice Could NI PASS? COBRA Procedures Manual? Do you have a Can you prove all employèes and their dependents enrolled in a group health plan received an initial notice? What is your process for notifying your insurer or third party administrator of qualifying events? Employers Should be Ready to Provide IRS Examiners the Following Under the New COBRA Audit Guidelines COBRA Procedures Manual Standard COBRA Form Letters Internal Audit Procedures for COBRA Implementation Details on any Past or Pending COBRA Lawsuits Copies of All Health Care Plan Documents Lists of all Individuals Covered on the First and Last Days of the Current and Preceding Years for Each Plan Name and Address of Each Qualified Beneficiary Total Number of Qualifying Events for the Year(s) Under Examination All Qualifying Event Dates and Descriptions List of all Individuals Affected by a Qualifying Event Procedures for Notifying the Plan Administrator When a Qualifying Event Occurs Copies of Qualifying Event Notices to the Insurance Company, Broker or COBRA Administrator Procedures for Notifying Qualified Beneficiaries of their COBRA rights Copies of COBRA Notices Records on the Types of COBRA Coverage Elected Records of the Premiums Paid by Qualified Beneficiaries for COBRA Coverage Types of COBRA Coverage Received Records of COBRA Premium Payments Reasons for the Termination of COBRA Coverage Properly Elected by a Beneficiary Copies of Federal and State Employment Tax Returns to Show Changes in Headcount Reasons for Employment tions RISKY BEST V8 COBRA ADMINISTRATION PRACTICES Assuming your COBRA administrator, broker or insurance company is keeping you compliant Conducting regular COBRA reviews of all your implementation practices Administering COBRA yourself Outsourcing to a vs proven COBRA Administrator Using manual processes for cobra administration Automating your COBRA administration processes Not sending required notices ve Sending all required notices via certificate of mailing via certificate of mailing Maintaining COBRA-related employee information in multiple systems Maintaining all COBRA-related employee information in one application Paycom is one of the largest COBRA administrators in the U.S and offers the only single-application solution for Payroll and HR with automated COBRA compliance. paycom Payroll and HR Technology www.PaycomOnline.com Sources: www.irs.gov and www.dol.gov © 2012, Paycom. All rights reserved. INTELLECTUAL PROPERTY DISCLAIMER: THIS INFOGRAPHIC IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED "AS IS" WITH NO WARRANTIES WHATSOEVER INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE, OR ANY WARRANTY OTHERWISE ARISING OUT OF ANY PROPOSAL, SPECIFICATION, OR SAMPLE. NO LICENSE, EXPRESS OR IMPLIED, TO ANY INTELLECTUAL PROPERTY RIGHTS IS GRANTED OR INTENDED HEREBY. This infographic is protected by copyright law. Individuals may reproduce and distribute this infographic for individual, non-commercial use. DISCLAIMER: The content of this infographic is intended to keep interested parties informed of legal and industry developments for educational purposes only. It is not intended as legal opinion or tax advice and should not be regarded as a substitute for legal or tax advice. Product or company names mentioned herein may b the trademarks of their respective owners.

Is your company COBRA compliant

shared by paycom on Aug 01
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An alarming number of companies are non COBRA compliant. This infographic illustrates what could happen to a company if found non compliant and the steps a company can take to ensure compliance. With ...

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