5 C OPYRIGHT © 2013 MARK KINNEY J ULY 31, 2013 Penalty Scheme in 2015 The $2,000 penalty –When an applicable large employer fails to offer minimum essential coverage to at least 95% of all full-time employees and at least one full time employee receives a premium tax credit or cost-sharing reduction from an exchange, a monthly assessable payment is determined as follows: 1/12 of $2,000 X (# Full Time Employees - 30) The $3,000 penalty –When an applicable large employer offers minimum essential coverage that is not affordable for some employees or does not provide minimum creditable coverage, a monthly assessable payment is determined as follows: 1/12 of $3,000 X # Full Time Employees who enroll on exchange and receive tax credits or cost-sharing reductions
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