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HRB 73 - Early Retiree Reinsurance Program

Released May 9, 2013I Download as a PDF

May 9, 2013 -- The Early Retiree Reinsurance Program (ERRP) was included as part of the Affordable Care Act.  The program was intended to be a bridge to January 1, 2014, when the marketplace, previously known as exchanges, would be available.

The ERRP is quickly coming to a close, to that end the Centers for Medicare and Medicaid Services has issued a Notice, listing a couple of key dates that are important for plan sponsors who have participated in the ERRP program.  Of particular note:

  • The last day upon which a plan sponsor may submit an ERRP reimbursement request is July 31, 2013; and
  • The last day upon which a plan sponsor may submit an ERRP reopening request is December 31, 2013

Plan sponsors in the ERRP will want to familiarize themselves with these dates.

These dates notwithstanding, it is very important to remember that the record keeping requirement of the ERRP remains in force.  Generally, records must be maintained for six years.  See prior Health Reform Bulletins:

 

About the Author:  Karen R. McLeese is Vice President of Employee Benefit Regulatory Affairs for CBIZ Benefits & Insurance Services, Inc., a division of CBIZ, Inc.  She serves as in-house counsel, with particular emphasis on monitoring and interpreting state and federal employee benefits law.  Ms. McLeese is based in the CBIZ Leawood, Kansas office.

 

 

The information contained herein is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations. The information contained herein is provided as general guidance and may be affected by changes in law or regulation. The information contained herein is not intended to replace or substitute for accounting or other professional advice. Attorneys or tax advisors must be consulted for assistance in specific situations. This information is provided as-is, with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein. As required by U.S. Treasury rules, we inform you that, unless expressly stated otherwise, any U.S. federal tax advice contained herein is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service.

 

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