BANKRUPTCY IN LOCAL GOVERNMENTS???

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The state pension system crisis, HB 279, general recession and rising utility costs are just some of the heavy financial burdens for the boards, councils and leaders in our local city and county governments.

 As daunting as those issues are for our leaders to manage and for the citizens to shoulder, there is another piece of legislation with the potential of significant financial impact that will take full effect on January 1, 2014. 

The Affordable Care Act will require every local government to comply with some, if not all, of the provisions in 2014.  Failure to comply will result in substantial financial penalties. 

The city and county governments are the pillars of our communities.  Each local government is the “example” employer for the rest of the employers in the public and private sectors.  Not only is it the mission of our local governments to comply with the provisions of the Affordable Care Act, it is their obligation to the state and federal government to fully comply with the law.

This is the time, now, to ensure that your employee benefits program will be fully compliant in 2014.  Review your program with an experienced consultant that has a thorough understanding of all of the provisions of the Affordable Care Act. 

Chapter 9 filings for local governments in the Commonwealth…not on my watch!