Gary Piantedosi founded Stamford-based CBP in 1996 and remains principal today. A private company that handles group benefits, risk management, executive benefits and HR needs, CBP”™s name until 2011 was Creative Benefit Planning, but was changed to reflect what Piantedosi said were new company options and a changing benefits landscape, including the Affordable Care Act and the company”™s increased business in the arenas of property and casualty planning.
“The [Affordable Care Act] has made for a drastic change and not necessarily for the better,” Piantedosi said. “There are some positive aspects, but we never had a director of compliance in-house before. Employers are spending more time on compliance. When the law was passed, we said this is going to require a full-time job.”
The company now includes CBP Risk, which offers property and casualty coverages; Well First, officially known as Well1st, which offers wellness platforms for clients as well as consultations with CBP”™s in-house chief medical officer and wellness manager; and Beacon Retiree Benefits Group, based in Plantsville and in which CBP holds a majority interest.
CBP’s CEO is Chris Peck. Robert Houghton is president.
Piantedosi answered the following questions for the FCBJ:
What size employee count is considered a small group employer?
“Currently, a small group employer is categorized as 50 or fewer full-time employees. Effective Oct. 1, 2016, the ACA will change the definition of a small group to be 100 or fewer full-time employees; however, many states have decided to deploy the change as of Jan. 1, 2016.”
Why does the category change matter to Connecticut business owners? Â
“Connecticut is one of those states that will deploy the change Jan. 1, 2016. With this, rates will no longer be negotiable and employers will have fewer plan options and less administrative flexibilities.”
What actions do employers need to take together with their HR and payroll resources to ensure they remain ACA compliant?
“Employers should confirm they have the tracking and reporting tools in place with the necessary information updated monthly. These tools will allow the employer to generate 1094/1095 C forms for the employees and the IRS, along with identifying full-time employees and measurement periods.”
What do employers need to communicate to their employees?
“Employees should expect to receive forms from both the employer and the health insurance carrier in January 2016. It is imperative employees retain these forms as they will need to file the information on their tax returns.”
What potential new penalties will be enforced in 2016?
“In 2016, all employers, including those with 50-99 full-time employees, must offer coverage to at least 95 percent of full-time employees working 30-plus hours per week, or they will pay the Part A penalty. If an applicable large employer does not offer coverage or offers coverage to fewer than 95 percent of its full-time employees ”” and their dependents ”” it owes an Employer Shared Responsibility payment equal to the number of full-time employees the employer employed for the year, minus up to 30, multiplied by $2,000, as long as at least one full-time employee receives the premium tax credit.”
