H.R. 3590 - Sec. 1512. Employer Requirement To Inform Employees of Coverage Options lyrics

The Fair Labor Standards Act of 1938 is amended by inserting after section 18A (as added by section 1513) the following: ‘SEC. 18B. NOTICE TO EMPLOYEES. ‘(a) In General- In accordance with regulations promulgated by the Secretary, an employer to which this Act applies, shall provide to each employee at the time of hiring (or with respect to current employees, not later than March 1, 2013), written notice-- ‘(1) informing the employee of the existence of an Exchange, including a description of the services provided by such Exchange, and the manner in which the employee may contact the Exchange to request a**istance; ‘(2) if the employer plan's share of the total allowed costs of benefits provided under the plan is less than 60 percent of such costs, that the employee may be eligible for a premium tax credit under section 36B of the Internal Revenue Code of 1986 and a cost sharing reduction under section 1402 of the Patient Protection and Affordable Care Act if the employee purchases a qualified health plan through the Exchange; and ‘(3) if the employee purchases a qualified health plan through the Exchange, the employee will lose the employer contribution (if any) to any health benefits plan offered by the employer and that all or a portion of such contribution may be excludable from income for Federal income tax purposes. ‘(b) Effective Date- Subsection (a) shall take effect with respect to employers in a State beginning on March 1, 2013.'.