The Employee Benefits Security Administration (EBSA) has extended the expiration dates on model notices for the “Notice to Employees of Coverage Options,” which is often referred to as the Marketplace Notice. Current versions of the model notices in English and Spanish are available on the EBSA’s website and are set to expire 4/30/2017. The expiration date on the model notices has been extended in one-month increments several times recently, which is usually a signal that the model notice may be significantly updated in the future. Nonetheless, the content has thus far not changed with the expiration date.
Employers may update their Marketplace Notice with each expiration date change, use their existing notice, or they may use the attached simplified version of the Notice that has been adapted for a typical employer that provides affordable, minimum value coverage to all full-time employees. You will notice that the simplified notice, attached, does not include Part B of the model notice; Part B distribution is not required, but employers should be prepared to answer questions relating to that information upon request.
As a reminder, all employers subject to the Fair Labor Standards Act (FLSA) must provide a notice of coverage options to each employee, regardless of plan eligibility or enrollment status, within 14 days of that employee’s start date. Failure to provide the notice may result in ERISA penalties.
TRUEbenefits will continue to monitor the model notices for substantive changes. If you have any questions, please reach out to the TRUEbenefits team.