Infor has announced the latest version of Human Resource Management (HRM) Benefits Administration. Version 9.0.1.x-10.0.x is specifically aimed at solving the administration headache that companies with more than 50 employees face with the Affordable Care Act (ACA) regulations.
This appears to be an interim release and Infor have also declared that they will be bringing out another release in late 2015 that will include enhancements to HRM Payroll and Employee & Manager Self Service (EMSS). That they have released the ACA updates early is a sensible move as the reporting for ACA is based on a calendar year rather than a financial reporting year and it gives companies sufficient time to carry out the upgrade to their software, and update the data in time for that.
Infor address ACA compliance
The new release will allow companies to track benefits-eligible employees, collect benefit offers, and produce the IRS-mandated information reporting required by IRC Sections 6055 and 6056. Importantly the release also includes help to produce the forms 1095-C and 1095-B and related reports that are mandated for employees that are offered benefits.
Infor laid out the specific enhancements and details that they are now capable of tracking as follows
- Track paid and nonpaid hours for ACA full-time assessment reporting.
- Keep a record of the measurement period(s) for each employee to support why a benefit offer was made to one employee and not another.
- Categorize each health benefit plan by insured or self-insured, type of coverage provided, employee option in that plan with the MEC and MVC, and the safe harbor code that applies.
- Collect and store all health benefit offers made to employees (accepted or not accepted) for mandated reporting and to provide backup documentation to deter IRS penalty inquires.
- Track spouse and dependents associated with the benefit election that the employee made.
This is the first year that the ACA reporting requirements have had to be met and in delivering this latest update] Infor has given its customers time to not only install the software but also for the HCM teams to update the data. For its larger customers it may still be tight, but much of the information required should already be held on their system. As the year closes it will be interesting to hear how successful Infor customers have been at completing the relevant forms on time.
Charles Cagle, senior vice president, HCM Operations, Infor in a canned statement commented: “The regulatory landscape of the healthcare industry is in constant flux. It’s important for leading healthcare organizations to partner with technology vendors that can help prepare for, and manage, new requirements, such as the Affordable Care Act (ACA).
“At Infor, we’re continually listening and enhancing our solutions and systems to prepare for upcoming compliance deadlines and the future needs of the industry.”