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FLOCK to SIMA’s New Paperless Integrated HR & Benefits Platform!

SIMA is proud to offer integrated and paperless technology making critical HR management easier than ever before! Introducing our newest partner, Flock! Let us know you are interested by clicking here. Flock’s user-friendly HRIS system efficiently manages information, streamlines processes and stores data in a secure environment. Our platform consists of two modules: HRIS System and Benefits Administration & Compliance. Within these modules you will find paperless access to HR and Benefits management including: Employee Onboarding from start to finish (offer letter, new hire forms, benefits enrollment) Insurance Deductions updated and integrate directly into ADP Run, ADP Workforce Now and Paylocity....

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EEOC Delays Amending Wellness Program Regulations to End of 2019

On May 22, 2019, the Equal Employment Opportunity Commission (EEOC) announced its plans to issue amended regulations related to wellness program incentives by December 2019. This signals the second pushback of the EEOC’s deadline to publish new wellness program incentive regulations. Back in 2016, the EEOC had finalized two rules that regulated employer-sponsored wellness programs. These rules allowed employers to offer incentives for wellness programs that asked employees health-related questions or included medical exams. The rules also allowed employers to offer incentives in exchange for health-related information about employees’ spouses. In August 2017, a federal district court had vacated portions of the...

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IRS Releases Inflation-adjusted Limits for HSAs and HDHPs for 2020

On May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2020. These limits include: The maximum HSA contribution limit The minimum deductible amount for HDHPs The maximum out-of-pocket expense limit for HDHPs These limits vary based on whether an individual has self-only or family coverage under an HDHP. HSA Contribution Limits for 2020 The IRS limits for HSA contributions increase for 2020. Eligible individuals with self-only HDHP coverage will be able to contribute up to $3,550 for 2020, while eligible individuals with family HDHP coverage will...

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Should You Include ESG Funds in Your Retirement Plan? Maybe, Maybe Not.

ESG, or environmental, social and governance funds, can be appealing to many investors, including millennials. These funds may be viewed as a proactive way to encourage reluctant and under-prepared millennials to save for retirement.  But is it a good idea to include ESG funds in your plan’s investment menu to entice investment do-gooders to boost their retirement savings? The short answer is, “it depends. What are ESG funds? Ethics-driven investment vehicles have existed since the 1970s. Initially, they sought to weed out companies that conflicted with investors’ values, including tobacco, liquor and gambling stocks. ESG investing has come a long way since then....

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Is it Time to Consider a New Plan Design?

You may have heard about a “cash balance plan” and wondered whether it would be something advantageous for your business.  A cash balance plan operates differently from other types of traditional retirement plans in that it combines features of both defined benefit and defined contribution plans. Technically, a cash balance plan is classified as a defined benefit plan, which means it is subject to minimum funding requirements.  Likewise, the investment of cash balance plan assets are managed by the employer or an investment manager appointed by the employer.  Since cash balance plans are a “benefit,” increases and decreases in the value...

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Consider Apprenticeships for Your Company

Finding qualified job candidates can be frustrating and time-consuming, especially when you’re searching for skilled workers. If this sounds like your situation, it may be time to consider an apprenticeship program. Apprenticeships are growing in popularity across the United States, and with good reason: these programs benefit workers and business owners alike. Employees learn necessary skills while earning a paycheck, and employers develop a staff of qualified workers trained to their specifications. Watch this video on apprenticeship programs. [caption id="" align="alignleft" width="1920"] Apprenticeships[/caption]...

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IRS, Treasury unveil proposed W-4 design for 2020

IR-2019-98, May 31, 2019 WASHINGTON – Today the Internal Revenue Service issued a draft of the 2020 Form W-4, Employee's Withholding Allowance Certificate (PDF), that will make accurate withholding easier for employees starting next year. The revised form implements changes made following the 2017 Tax Cuts and Jobs Act, which made major revisions affecting taxpayer withholding. The redesigned Form W-4 no longer uses the concept of withholding allowances, which was previously tied to the amount of the personal exemption. Due to changes in the law, personal exemptions are currently not a central feature of the tax code. “The new draft Form W-4 reflects...

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IRS Urges Taxpayers to do a Paycheck Checkup; use Withholding Calculator to help get right amount for 2019

IR-2019-107, June 10, 2019 WASHINGTON — The Internal Revenue Service today launched a special week-long  campaign encouraging taxpayers to do a Paycheck Checkup now to make sure they are having the right amount of tax taken out of their paychecks for 2019. The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, changed the way tax is calculated for most taxpayers. Most TCJA changes took effect in 2018. As a result, some taxpayers ended up receiving 2018 refunds that were larger or smaller than expected, while others unexpectedly owed additional tax when they filed earlier this year. For that reason, taxpayers...

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Reminder: PCORI Fees Due July 31

Fees Apply to Employers Sponsoring Certain Self-Insured Plans As a reminder, employers that sponsor certain self-insured health plans are responsible for Patient-Centered Outcomes Research Institute (PCORI) fees. Fees for plan years that ended in 2018 are due July 31, 2019. Employers must report and pay the required PCORI fees annually via IRS Form 720. For plan years that ended between January 1, 2018 and September 30, 2018, the fee is $2.39 multiplied by the average number of lives covered under the plan. For plan years that ended between October 1, 2018 and December 31, 2018, the fee is $2.45 multiplied by...

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