The Effect of New Laws and Regulations on Compensation and...

New Laws and Regulations Affect on Compensation and Benefits Plans Healthcare Reform and pension plan fee disclosures increase employer costs abstract The labor and economic climate and the labor market of today have a lot of uncertainty. In today’s soft labor market, compensation and benefits might seem like a non-issue. Small business are struggling to be competitive in the business world and in order for them to do so them must compete to hire those employees that have a high degree of competence, qualifications and knowledge. Rewards strategies have taken on renewed significance for human resources and financial professionals. In addition, sweeping legislative and regulatory changes demand a clear understanding of new†¦show more content†¦Generally, the specified minimums require: (i) the employee’s cost for the coverage to be less than or equal to 9.5% of the employee’s household income, and (ii) the actuarial value of the benefits covered under the plan to equal or exceed 60% of the cost of the covered services. Employers who offer coverage that does not satisfy these specified minimums must pay a monthly tax of $250 (i.e., one twelfth of $3,000) for each full-time employee who receives federal premium assistance for coverage (with a cap on such penalty equal to $166.67 times the number of the employer’s full-time employees but ignoring the first 30 full-time employees). These penalties will not be solely enforced on the employer, there will be some penalties enforced on some employees. A full time employee who works a minimum of 30 hours a week who does not procure health insurance might also feel the wrath of certain penalties that will be levied. How the will law affect hr? As a result of the healthcare reform, Human Resource personnel will be carefully monitored and scrutinized not only by the federal government but by employees as they have to go through all the new verbiage and requirements of the new health care legislation. As stated earlier, the jury is still out on whether the health care legislation will achieve its ultimate goal of extending health care coverage to those who are currently not covered and, more importantly, make it more affordable. 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