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.
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