SEC. 311. HEALTH COVERAGE PARTICIPATION REQUIREMENTS.

An employer meets the requirements of this section if such employer does all of the following:

[1] OFFER OF COVERAGE- The employer offers each employee individual and family coverage under a qualified health benefits plan [or under a current employment-based health plan [within the meaning of section 102[b]]] in accordance with section 312.

[2] CONTRIBUTION TOWARDS COVERAGE- If an employee accepts such offer of coverage, the employer makes timely contributions towards such coverage in accordance with section 312.

[3] CONTRIBUTION IN LIEU OF COVERAGE- Beginning with Y2, if an employee declines such offer but otherwise obtains coverage in an Exchange-participating health benefits plan [other than by reason of being covered by family coverage as a spouse or dependent of the primary insured], the employer shall make a timely contribution to the Health Insurance Exchange with respect to each such employee in accordance with section 313.