Only 31% of credit unions are ready to comply with the 2013 and 2014 requirements of the Patient Protection and Affordable Care Act of 2010, according to a survey by CUNA Mutual Group.
The survey also found that another 14% of CUs are prepared for 2013 ACA (otherwise known as Obamacare) requirements, said Brad Pricer, senior manager for employee benefits product management for CUNA Mutual in Madison, Wis.
However, 26% of CUs surveyed indicated either they were not prepared, were not planning to start preparations until after 2012 or have a timeline for beginning preparations to comply with ACA.
Pricer, who spoke at the CUNA Human Resources and Training and Development Council Conference last week in Anaheim, Calif., encouraged credit unions to prepare to comply with ACA requirements because the U.S. Department of Labor has begun to audit businesses for ACA compliance.
“Credit unions should be working with their broker or consultant to stay on top of required mandates,” Pricer said.
Pricer was joined by Annette Bechtold, senior vice president of regulatory affairs and reform initiatives with Digital Benefit Advisors in Atlanta, who reviewed key requirements credit unions need to comply with in 2013 and 2014:continue reading »