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The Obama administration announced Monday that the deadline for mid-sized companies to comply with Obamacare regulations has been extended to 2016.
CNN reported that the extension applies to companies with 50 to 99 full-time employees. They will now have another full year to provide coverage under Obamacare.
The administration also announced that larger companies must now offer insurance to 70 percent of full-time workers in 2015, versus the original 95 percent. Those companies will have until 2016 to add coverage for the additional 25 percent.
The announcement was made to "make the compliance process simpler and easier to navigate," according to Mark J. Mazur, assistant secretary for Tax Policy. The extensions do not effect individuals' requirements.
NRA thanks the administration
After Monday's announcement, the National Restaurant Association released a statement thanking the Obama Administration for the extension.
The NRA, however, also reiterated its concern regarding Treasury's proposed employer reporting requirements, and called on Congress to make changes in the law to benefit employers and employees.
"We thank the Treasury Department for working with us and the Employers for Flexibility in Health Care Coalition to provide flexibility in the rule for employers with variable hour workforces. The permanent treatment of the look back measurement method and affordability safe harbors for employers are especially helpful," said Dawn Sweeney, president and CEO of the NRA. "The rule also provides a phase-in for the smallest employers who are subject to the employer responsibility provision of the law. For those employers with 100 employees or more, they must offer coverage to at least 70 percent of their full-time employees in 2015 to avoid penalties.
"We await and continue to be concerned about the yet to be finalized employer reporting requirements. The day to day reporting rules could contain significant compliance costs to restaurants across the country. As restaurants nationwide struggle with ACA implementation, there remain challenges that now only Congress can address. We ask Congress to come together in a bipartisan manner to better align the definition of a full-time employee with current business practices, eliminate the duplicative automatic enrollment provision, and simplify the determination of a small business under the law."
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