ACA: THE EMPLOYER MANDATE

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1 Volume Twenty-One, Issue Three May 2018 ACA: THE EMPLOYER MANDATE The Affordable Care Act (ACA) fundamentally changed our health care coverage and payment system. Applicable Large Employers (ALEs) must now offer full-time employees (those working 30 or more hours a week) health coverage or pay a tax penalty. Employers must report specific information using Forms 1094 C and 1095 C so that the IRS can calculate those penalties. The complicated reporting is a challenge for many employers. The IRS started to issue penalty notices for 2015 in December of In order to comply with or dispute the substantial penalties involved, employers need to understand the employer mandate. This Benefit Advisor clarifies the following: Definition of Applicable Large Employer (ALE) Penalties Determining Full-Time Status IRS Reporting (1094 C and 1095 C) The IRS Penalty Process Section 4980H of the Internal Revenue Code details the Employer Shared Responsibility requirement, otherwise known as the employer mandate. The IRS provides information on the mandate at affordable-care-act/employers/employer-shared-responsibility. This site has a link to questions and answers. DEFINITION OF APPLICABLE LARGE EMPLOYER (ALE) In general, employers with 50 or more full-time and full-time equivalent employees are ALEs and subject to the ACA employer mandate. A number of details help determine ALE status. ALE status is determined based on IRS controlled group rules. For example, an employer with only 20 employees that is part of an IRS controlled group along with another employer that has 500 full-time employees is considered an ALE. There are more than 50 full-time employees in the IRS controlled group. We welcome your comments and suggestions regarding this issue of our Benefit Advisor. For more information, please contact your Account Manager or visit our website at Continued on Page 2 WORLD CLASS. LOCAL TOUCH.

2 Volume Twenty-One, Issue Three May 2018, Page 2 Whether employers are considered ALEs depends on the number of full-time and full-time equivalent workers they employ. Full-time employees work 30 or more hours a week. Employees working less than 30 hours need to be counted too, but an equivalency formula applies. An employer adds all the hours for employees that work less than 30 hours during the month and then divides that total by 130. For example, assume an employer has 40 full-time employees and another 20 part-time employees that work 20 hours a week. Assuming the part-time employees work 1,600 hours in a month, that would be the equivalent of 12 full-time workers (1,600/130). This employer would be considered an ALE because 40 full-time plus the 12 full-time equivalent employees, exceeds the 50 full-time employee limit. Seasonal employees are not included. For these purposes only, seasonal employees are those working 120 days or less a year. An employer is not considered an applicable large employer if: The employer has more than 50 full-time employees for 120 days or fewer during the calendar year, and The employees in excess of 50 employed during that 120 days are seasonal workers Other key points in determining ALE status: Employers are ALEs for a current calendar year based on the number of full-time employees (including fulltime equivalent employees) they had during the previous calendar year. If they hire additional employees, including some part-time employees, during the current calendar year, they take those employees into account when they determine whether they are an ALE for the next calendar year. Employers that did not exist in the preceding calendar year can use the average number of employees they reasonably expect to employ in the current calendar year. The IRS recently released Publication It provides key details on determining ALE status. Your organization must know whether or not it is subject to the employer mandate. PENALTIES The employer mandate has two potential, mutually exclusive penalties. The penalties are as follows: Penalty A: ALE fails to offer substantially all (95%) of full-time employees (30 or more hours a week) and their dependent children Minimum Essential Coverage (MEC). The annual penalty in 2017 is $2,260 per full-time employee less the first 30. The penalty will be $2,320 in Penalty B: ALE fails to offer affordable, minimum value coverage to a full-time employee and that employee receives a premium tax credit to purchase subsidized coverage in the Marketplace. The annual penalty is $3,390 in The penalty will be $3,480 in This penalty is assessed only for each employee not offered affordable, minimum value coverage who buys subsidized coverage in the Marketplace. Listed below are important penalty details: The penalties are determined at the end of year. They will be assessed monthly at 1/12 the above amounts. While IRS controlled group rules are used to determine applicable large employer status, penalties are assessed to employer members of controlled groups. They are determined based on employer identification number (EIN). Both natural and adopted children are considered dependent children. A minimum value plan is a plan with a 60 percent actuarial value. Affordability is based solely on the single cost for your lowest cost minimum value Continued on Page 3

3 Volume Twenty-One, Issue Three May 2018, Page 3 plan option. To be affordable, the employee cost has to be less than 9.69 percent of the household income in The affordability percentage decreases to 9.56 percent in Because employers typically don t have access to household income, they can determine affordability based on three safe harbors: Federal Poverty Level (FPL) Box 1 of employee W-2 Rate of pay Employers can use non-smoker rates to determine affordability. However, if premium incentives are tied to another wellbeing activity (for example, premium discounts if an employee gets an annual physical), the employer must test the rate that reflects an employee who did NOT complete the wellbeing activity. Employers must add unconditional opt-out bonuses to the employee contribution before testing for affordability. An unconditional opt-out bonus is paid if an employee declines coverage. Conditional opt-out bonuses are not added to the contribution when testing for affordability. These opt-outs require the employee to meet a specific condition when declining coverage. For example, the opt-out bonus is only available if employees decline coverage because they can prove they have other coverage. The IRS did release additional requirements that require the opt-out to be an eligible opt-out arrangement. The Trump administration put those requirements on hold. Whether these requirements will be reinstated is not clear. One full-time employee who is not offered affordable, minimum value coverage purchasing subsidized coverage in the Marketplace triggers the penalties. If none of an organization s full-time employees purchase subsidized coverage in the Marketplace, the employer will not be assessed any penalties under the employer mandate. The A penalty is lower but is a greater exposure for employers. If you fail to meet the requirements, the A penalty is assessed on all your full-time employees less the first 30. This exclusion is based on the IRS controlled group. The 30 is pro-rated for members of the control group. The B penalty is higher but assessed only on that full-time employee you did not offer minimum value, affordable coverage that purchased subsidized coverage through the Marketplace. The IRS sent the first round of proposed penalty letters at the end of 2017 based on 2015 IRS reporting. DETERMINING FULL-TIME STATUS The IRS set parameters on how to determine whether employees work 30 or more hours a week. Many employers don t understand these complicated rules. Before the ACA, employers had many different classes of employees temporary, interns, seasonal and so on. Employers set the classes of eligibility for the health plan. They classified positions as full-time or part-time and, in some cases; these classifications did not necessarily tie to hours worked. The ACA significantly changed how employers need to view employees. The government views employees as either full-time or part-time. Full-time employees work 30 or more hours a week. Part-time employees work less than 30 hours a week. The government requires employers to measure hours of service in one of two ways monthly or lookback. The IRS also defines hours of service. These are the hours that employers must count to determine whether an employee works 30 or more hours a week. The term hour of service means each hour for which employees are paid or should be paid to perform their duties. It also includes instances where employees are entitled to pay even when they perform no duties. These instances include vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or leave of absence. Hours of service do not need to be counted when employees performing no duties receive pay: Solely to comply with workers compensation, unemployment, or state required disability payments Solely for medical expenses Continued on Page 4

4 Volume Twenty-One, Issue Three May 2018, Page 4 Employers can t count certain unpaid leaves against employees. These leaves include Family Medical Leave Act (FMLA) leaves and Uniformed Services Employment and Reemployment Rights Act (USERRA) leaves. ALEs can measure hours under the ACA using two methods: monthly measured and lookback measured. What s more, they can use different methods to measure different groups of employees. However, the measurement methods can differ only between: Collectively bargained and non-collectively bargained employees Salaried and hourly employees Employees covered by different collective bargaining agreements Employees located in different states Although the ACA does not require ALEs to document how they determine employees full-time status, it is good practice to keep a record of this information. If you are audited or appealing proposed penalties, you may need to show how you determined employee status. Monthly Measurement To measure monthly, employers count the hours of service monthto-month. Full-time employees work 30 or more hours a week or 130 hours a month. The monthly measurement method is best used for classes of employees with predictable work hours. Typically, salaried employees are measured monthly because they are paid based on a designated number of hours a week. For example, a full-time employee may be paid based on a 37.5-hour work week. The monthly measurement method would be difficult to use for classes of employees that have variable work schedules. With variable hours, using a monthly method requires ALEs to determine full-time status each month. An employee might work full-time for two months, parttime the next two months, and back to full-time after that. This type of schedule would cause significant administrative work to offer health coverage and extend COBRA coverage. For employees with hourly and variable work hours, therefore, ALEs often use the lookback measurement method instead. With the monthly measurement method, new hires that work 30 or more hours a week during the new hire waiting period would be covered following the new hire waiting period. For the purposes of reporting an employee as full-time on a 1095 C Form, the employer measures the employee hours for the first three full calendar months of employment. If the employees work full-time, they would be reported as full-time employees on the 1095 C Form as of the first full calendar following those three months. When an employee changes from full-time to part-time, the change can be made the first of the month following the status change. Lookback Measurement The lookback measurement method is generally better for a workforce with variable work hours. Although employers using this method need to do more administrative monitoring, they can smooth out variable work hours. But remember, you can t limit your class of employees to only those with variable hours. Employers would have to measure all hourly employees under the lookback measurement method. Using the lookback measurement method, the ALE measures hours worked during the standard measurement period. The ALE then designates an administrative period to determine whether the employee is full-time and should be offered coverage. The employee is considered full-time for the stability period, providing the employee s employment status does not change. To avoid penalties, employers should offer coverage for the stability period. The rules specify the time frames permitted for all these periods. The standard measurement period applies to all employees working on the first day of the standard measurement period. The rules for setting these periods are outlined below: Standard Measurement Period Must be at least 3 but not more than 12 consecutive calendar months Continued on Page 5

5 Volume Twenty-One, Issue Three May 2018, Page 5 Standard Administrative Period Optional Can be up to 90 days Standard Stability Period Must be the greater of 6 consecutive calendar months but not more than 12 months Can t be shorter than the measurement period Must cover the entire year (since employees working full-time need to be offered coverage for the full year). Based on the rules, you could have only two stability periods within a 12-month period. Must begin at the end of the measurement period or administrative period, if applicable Most employers set the standard stability period to align with their plan year or open enrollment time period. Most also set the stability period at 12 months so they need to do the full-time calculations only once a year for ongoing employees. New hires under the lookback measurement method can be treated differently depending on whether the ALE expects them to work full-time or not. If a lookback-measured employee is hired for 30 or more hours a week, the employee should be offered health plan benefits after 90 days (or when the new hire waiting period is complete). These employees should be monthly measured until they complete their first standard measurement period. If the employee s work hours vary or the employee is seasonal, the employer must measure to determine full-time status. The employer must set new hire measurement, administrative and stability periods. Following are the rules for setting these periods: New Hire Measurement Period Measured from the date of hire or the first of the month following date of hire. The first of the month may be more administratively feasible for many organizations Must be at least 3 but no more than 12 consecutive calendar months New Hire Administrative Period Optional Can be up to 90 days (if measured from the first of the month following date of hire, then the first partial month of employment is counted as part of the administrative period) The combined new hire measurement and administrative period can t be longer than 13 months, measured from the first of the month following the date of hire New Hire Stability Period Must be the same length as the standard stability period (in terms of calendar months) The new hire measurement period will overlap the standard measurement period. For that first year, you will be measuring new hires under both. The stability period will often overlap as well. Remember, if an employee is expected to work full-time, then you must provide coverage as of the 91st day. The new hire measurement periods are typically used only in variable hour, parttime expected work and seasonal employee situations. Changes to full-time and parttime status are more complicated under the lookback measurement method. A change in hours worked is accounted for in the measurement period. The following generally summarizes how to handle employment status changes under the lookback measurement method: For full-time employees offered coverage within 90 days of being hired, the employer monitors hours for the first three calendar months after the change to part-time. If the employee works fewer than 30 hours a week during those three months, the employer can terminate coverage and offer COBRA because the employee status changed. For part-time employees changed to full-time, again the employer would count hours for the three calendar months following the change to full-time status. If the employee worked 30 or more hours a week during that Continued on Page 6

6 Volume Twenty-One, Issue Three May 2018, Page 6 time frame, then the employer would offer coverage under the plan, effective the first of the month following the three calendar months. The lookback measurement method is best suited for workforces with variable work hours. However, since the rules dictate which groups of employees you can set different measurement methods for, you can t limit the lookback measurement method to just variable hour and seasonal employees. You would have to have all hourly employees lookback measured. Seasonal Employees The definition of seasonal employee is different for the employer mandate. A seasonal employee is an employee that is expected to work less than six months during the year. These employees must be hired for seasonal work. Therefore, their work period should begin roughly the same time every year. Seasonal employees are treated as variable hour and can automatically be placed in the new hire measurement period. This applies even if the employer intends to employ them full time during their entire stint as a seasonal employee. Most seasonal employees will not remain employed through the entire new hire measurement period and never rise to the status of a fulltime employee, so employers do not need to offer health benefits to avoid an A or B penalty. Rehired Employees When employees have a break in service, special rules apply. A break in service is a period of time where no hours of service are credited. If the break in service lasts 13 weeks or longer, employees can be treated as new hires when they return. Under certain conditions, some employees can be treated as new hires when they return from a break in service, even if the break was less than 13 weeks. An employee can be treated as a new hire if the break in service lasts at least four weeks and the break is longer than the preceding period of employment. An example of this rule of parity is as follows: 1. Employee works full-time for four weeks 2. Employee is laid off for six weeks with no pay it is considered a break in service 3. The employee returns after six weeks and can now be treated as a new hire. The requirements have been met: the employment period preceding the break was four weeks and the break was six weeks. The break was longer than the preceding period of employment. If they can t be treated as new hires, these employees are considered continuing employees. If an employee is monthly measured and returns to work as a continuing employee, the employer needs to reinstate coverage, if applicable, no later than the first of the month following the return to work. If the employee is in a lookback measurement period, coverage must also be reinstated no later than the first of the month following the return to work. The employer can record zero hours of service for all the time in the break in service. Employers need to review their plan documents to make sure their rehire provisions meet these requirements. To treat a rehire as new hire the break in service must be at least thirteen weeks. The rules for schools are different and more complex. The break in service must be at least twenty-six weeks. Details on the final school rules can be found at shared-responsibility-for-employers-regarding-health-coverage. Leaves of Absence Special full-time status rules apply to leaves of absence. If a leave of absence is paid, hours of service must be counted. The following rules apply specifically to FMLA, military leave and jury duty: These leaves can t be counted against employees when determining full-time status. For monthly measured employees, simply continue to treat employees as full-time while on leave. For lookback measured employees, either count the employees average hours during the leave or do not count the leave at all when determining full-time status. Continued on Page 7

7 Volume Twenty-One, Issue Three May 2018, Page 7 If a leave is not paid and is not one of the special leaves noted above, you can treat the time off as zero hours of service. Disability Leaves Special rules also apply to disability leaves. Disability benefit payments may count as hours of service. Short-term and even long-term disability benefits are counted as hours of service if the employer pays for the plan, self-funds the plan, or continues paying the salary. The key is that the employer pays for the plan. You do not need to count hours of service while an employee is receiving disability benefits if: 1. You terminate the employee (after FMLA is exhausted). You have to be careful here. Make sure to follow the interactive process for the Americans with Disability Act (ADA) before you officially take this action. 2. The employee pays posttax for coverage, then the benefits paid are not considered payment for hours of service. 3. No duties are performed and payment is made solely to comply with workers compensation, unemployment or disability insurance laws. 4. Payments reimburse employees solely for medical expenses. Disability benefits are complicated. In many situations, you need to keep treating the employee as fulltime because you have to count hours of service. It becomes critical that you terminate employment if someone is expected to remain disabled and FMLA is exhausted. However, terminating employment when someone is disabled can be tricky. Don t ignore your obligations under the ADA. Staffing Employees These requirements may compel organizations to consider offering their employees longterm disability coverage posttax. Employees of staffing firms may be considered the ALE s employees if the ALE is considered the common law employer. Many employers are confused as to whether they or the staffing company should be considered the employer. The staffing firm will be considered the employer if the following reflects the situation: Staffing company employees have the right to reject temporary placements the company offers There are periods of time when there are no offers of temporary employment The lengths of time for temporary placements vary Temporary placements last less than 13 weeks There is a safe harbor for staffing employees. If a staffing firm offers coverage, it will be treated as if the ALE made the offer when: The ALE pays a higher fee for staffing agency employees that elect health care coverage The ALE pays a lower fee if the staffing agency employee does not elect health care coverage There is no clear guidance on how to structure arrangements to show that cost differential. With the lack of clarity and diversity related to using staffing agency employees, it might be wise to seek legal counsel on how to view staffing agency employees. IRS REPORTING (1094 C AND 1095 C) The IRS determines employer mandate penalties based on information in the 1094 C and 1095 C filings that ALEs must complete annually. ALEs must submit annually at least one 1094-C form for the organization and produce 1095-Cs for all full-time employees. Reporting is done at the employer/ EIN level. The EIN should be the same EIN of the organization that issues W-2s for the employees. Employers with self-funded medical plans will also have to produce 1095-C forms for anyone covered by the plan who is not considered a full-time employee. Continued on Page 8

8 Volume Twenty-One, Issue Three May 2018, Page 8 The 1094 C and 1095 C forms serve two purposes: They document all full-time employees and the employer s offer of coverage to the employee. For self-funded plans, the information proves the employee is covered and therefore does not have to pay the individual mandate penalty (tax penalty for not having health insurance). The IRS reporting is fairly new and has been challenging for employers. The 1095 C Form must be delivered to employees by January 31 each year. The delivery rules are the same rules that apply to W-2s. Employers must submit the 1094 C and copies of their 1095 C forms to the IRS. The due date depends on whether the forms are submitted on paper or electronically: Paper by February 28 (only ALEs that have fewer than Cs can file on paper) Electronically by March 31 Because submitting the forms electronically can be complicated, many ALEs hire vendors to do it. ALEs can get the most recent forms, instructions and guidance on the IRS website at irs.gov/forms-pubs/about-form c. If you are responsible for reporting for your organization, you should read the instructions for completing the forms to understand the details of the process. Line 14 Codes Code 1A 1B 1C 1D 1E 1F 1G 1H 1I 1J 1K Meaning Qualifying Offer - minimum essential coverage (MEC) that provides minimum value (MV) is offered to the full-time employee with a contribution that passes affordability test based on the federal poverty line with MEC offered to spouse and dependent children. MEC providing MV offered to employee only. MEC providing MV offered to employee and dependent children. MEC providing MV offered to employee and spouse (do not use this code if spouse coverage is offered conditionally). MEC providing MV offered to employee, dependent children and spouse (do not use this code if spouse coverage is offered conditionally). MEC NOT providing MV offered to employee, dependent children and/ or spouse. Offer of coverage for the calendar year to an individual who was not an employee or not a full-time employee and who enrolled in self-funded coverage for one or more months of the calendar year. IMPORTANT - 1G must apply for the entire year or not be used in Line 14. No offer of coverage. Reserved. MEC providing MV offered to employee, conditionally offered to spouse but not offered to dependent children. MEC providing MV offered to employee and dependent children and offered conditionally to spouse. The following are key reminders for ALEs completing the forms: The employer EIN on the W-2 should be the same EIN used for the 1095 C. Employers with self-funded plans must complete Section III on the 1095 C forms to detail whom the plan covers. All ALEs should complete Section II, Line 14. Lines 15 and 16 should be completed if applicable. The plan start month has been optional historically; check instructions, however, to make sure it is still optional. Line 14 must be completed for all 12 months. If the code is the same for all 12 months, you can check the all 12 months box. If the code indicates you offered coverage, the offer must have been made for the whole month to use that offer code. The codes are shown in the table on page 8. Line 14 codes are important since they convey the specific coverage you offer employees. Line 15 needs to be completed only if you entered code 1B, 1C, 1D, 1E, 1J or 1K on Line 14. Enter the lowest cost minimum value plan for single coverage you offer the employee. You Continued on Page 9

9 Volume Twenty-One, Issue Three May 2018, Page 9 enter the single cost for that plan. This cost may not reflect the plan the employee elected or even the coverage level. If you pay the full cost of coverage, then enter $0.00 in this box. On Line 16 enter the code that applies to the employee situation. Entering a code on line 16 is not required. However, this code does reflect why your organization should not be assessed a penalty. If you entered code 1A on Line 14, you can leave this line blank. The codes are shown on page 9. Self-funded plans must list everyone the contract covers under the plan in Section III. A month is a coverage month if an individual is covered for at least one day during that month. Correctly completing the 1094 C and 1095 C is critical. The IRS will use this information to determine whether ALEs owe an A or B penalty. THE IRS PENALTY PROCESS The IRS recently started to assess penalties based on the reports it received for the 2015 plan year. Before sending the first penalty letter, the IRS released guidance on how it will handle the penalty process. The penalty process includes the following steps: 1. The IRS will send Letter 226J to any ALE that may owe an A or B penalty. It will include two forms: Line 16 Codes Code 2A 2B 2C 2D 2E 2F 2G 2H 2I Meaning Employee was not employed during the month. 2A must be the status for the whole month. Do not use this code if, for any day of the month, the employee is employed. Employee is not a full-time employee. 2B is used if the employee is not full-time and did not enroll in MEC if offered for the month. 2B is also used when coverage ends before the end of the month because employment terminated during the month. Employee enrolled for coverage. Enter only if the employee is covered for the full month. Use this code even when other codes may apply if the individual enrolled for coverage. 2C should not be used: If the multi-employer interim relief rule applies If 1G is entered in line 14 If any month in which a terminated employee is enrolled in CO- BRA or other post-retirement coverage For any month in which employee is enrolled in coverage that is not MEC Employee is in a limited non-assessment period. This includes new hire waiting periods and variable hour employees that may be in a new hire measurement period. Do not use 2D if the multi-employer interim relief rule applies. Employer meets all the requirements to apply the multi-employer interim relief rule. Employer plan passes affordability test based on the W-2 safe harbor. Employer plan passes affordability test based on FPL safe harbor. Employer plan passes affordability test based on rate of pay safe harbor. Reserved. a. Form A table that shows all full-time employees who purchased subsidized coverage in the Marketplace. b. Form The employer response form. Use this form to affirm or dispute the penalties being assessed. You have 30 days to respond to Letter 226J. 2. To dispute specific penalties, submit Form The IRS will respond with Letter 227. There will be several versions of this letter that will indicate whether or not the IRS agrees that the penalty does not apply. To date, the IRS has released only one Model Letter 227. That model indicates the IRS disagrees with the appeal and will assess a penalty. 3. If you still do not agree, follow the instructions provided in Letter 227 and Publication 5 to request a pre-assessment conference with the IRS Office of Appeals. Request the conference in writing by the response date shown on Letter 227, which generally will be 30 days. Continued on Page 10

10 Volume Twenty-One, Issue Three May 2018, Page If you do not respond to Letter 226J or any Letter 227, the IRS will assess the amount of the proposed penalty. The IRS will issue a demand for payment (Notice CP 220J). This notice will include a summary of the penalty and will reflect payments made, credits applied, and the balance due, if any. The notice will explain how to make a payment. You need not include the penalty on any tax returns or pay before receiving the notice and demand for payment. In addition, you may make installment payments, as described in Publication 594. To date, the penalty letters have generally been assessing A penalties to employers. Typically it is because the ALE indicated no for at least one month in Column B on page 2 of the 1094 C form and at least one full-time employee was not offered MV or affordable coverage and subsequently purchased subsidized coverage in the Marketplace. The next steps the IRS will take are not clear. It may do a deeper dive into the 2015 data to determine any applicable B penalties. It may also begin issuing penalty letters for the 2016 data. You need to respond to a Letter 226J within 30 days. If you receive one of these letters, act quickly. You may want to have an attorney draft your appeal. This process is very new. We do not as yet have a sense for what the IRS would consider an effective appeal. CONCLUDING THOUGHTS The employer mandate has made determining full-time status and offering coverage to full-time employees more complex. Many employers struggle to understand eligibility and full-time determinations. The IRS has started to assess penalties under the employer mandate. It is important to maintain all your records on full-time determinations and your 1094 C and 1095 C reporting. You will need these records to appeal any penalties the IRS proposes. The IRS has not announced its next steps in determining penalties. Will it assess potential B penalties from 2015? Will it begin penalty determinations for 2016? Watch for the answers to these questions in our upcoming publications. Please contact your Marsh & McLennan Agency Michigan Account Manager with any questions. MMA Copyright Marsh & McLennan Agency LLC company. This document is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Marsh & McLennan Agency LLC shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting or legal matters are based solely on our experience as consultants and are not to be relied upon as actuarial, accounting, tax or legal advice, for which you should consult your own professional advisors. Any modeling analytics or projections are subject to inherent uncertainty and the analysis could be materially affective if any underlying assumptions, conditions, information or factors are inaccurate or incomplete or should change. Marsh & McLennan Agency LLC Health & Benefits 3331 West Big Beaver Road, Suite 200 Troy, MI Telephone: Fax: Property & Casualty Middlebelt Road Livonia, MI Telephone: Fax: