All posts tagged 'COBRA'
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Posted @ 3/25/2010 5:41 PM By MBAHRO
You’ve just grown to have 20 employees. Did you know it comes with COBRA responsibilities?
Here’s one tip when terminating employees or reducing their hours:
Employers offering group healthcare plans (including medical, dental, and vision) likely are covered by the Consolidated Omnibus Budget Reconciliation Act (COBRA), or an even more restrictive state or local law.
COBRA notices need to be issues correctly to avoid penalties.
Under COBRA, an employer with 20 or more employees must provide terminated workers and workers whose hours have been reduced (as well as qualified beneficiaries) with an opportunity to continue group coverage, usually for up to 18 months. (Continuation costs are borne by the employee.)
You can be fined both excise taxes and Employee Retirement Income Security Act of 1974 (ERISA) penalties for failing to properly notice employees, and can even be held liable for an unnoticed beneficiary's medical claims and related legal fees.
A note about usin ...