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Reminder: Medicare Part D Notices Are Due Before Oct. 15

Requirement Applies to Employers that Offer Prescription Drug Coverage Employers who sponsor group health plans that offer prescription drug coverage to Medicare-eligible individuals must provide a Medicare Part D Creditable or Non-Creditable Coverage Notice to those individuals before October 15. These notices inform Medicare-eligible individuals whether the plan’s prescription drug coverage is expected to pay, on average, as much as the standard Medicare prescription drug coverage (meaning it is "creditable”). For more information on this notice requirement, including links to downloadable model notices, click here. ...

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DOL Issues New Salary Limits for Overtime Exemptions

Final Rule Takes Effect Jan. 1 On Sept. 24, 2019, the U.S. Department of Labor (DOL) announced a new final rule that updates the salary thresholds that some individuals must meet in order to qualify for a minimum wage and overtime exemption under the federal Fair Labors Standards Act (FLSA). The final rule becomes effective on Jan. 1, 2020. As expected, this final rule increases the standard salary level for the executive, administrative and professional exemptions from $455 to $684 per week ($35,568 per year). It also increases the highly compensated employee salary level from $100,000 to $107,432 per year. In addition, the...

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IRS Confirms ACA Pay or Play Penalties Still Apply – See Q&A including payment info

No Waiver or Transition Relief is Currently Available Recently, the Internal Revenue Service released an information letter regarding the Affordable Care Act's employer shared responsibility (pay or play) penalties. The information letter is intended to clarify the applicability of the penalties in light of President Trump's 2017 executive order broadly directing federal agencies to waive, delay or grant exemptions from ACA requirements that may impose a financial burden. The information letter: Confirms that the ACA's pay or play penalties continue to apply to applicable large employers (ALEs) that fail to offer affordable, minimum value health coverage to their full-time employees (and dependents). ...

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What are Multiple Employer Plans and Should You Consider One?

A Multiple Employer Plan (MEP) is a qualified retirement plan for two or more employers who are not related. It can be particularly appealing to smaller businesses for a number of reasons. MEPs can be easier and may be cost effective to operate, allowing employers to focus on running their businesses while a professional manages the administrative and legal aspects of the plan. This can potentially help you attract and retain top talent. Learn more about MEPs in our short 2-minute or let us know if you'd like to discuss by reaching out to retirement@simafinancialgroup.com. [video width="1920" height="1080" mp4="https://simafinancialgroup.com/wp-content/uploads/2019/09/Video-What-are-MEPs-and-Should-You-Consider-One.mp4"][/video]...

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DOL: Employees May Use FMLA Leave for IEP Meetings

Opinion Issued in Case with Doctor’s Certification Employees may take leave under the federal Family and Medical Leave Act (FMLA) to attend their child’s Individualized Education Plan (IEP) meetings, according to a recent opinion letter from the U.S. Department of Labor (DOL). Although DOL opinion letters are specific to the facts presented, employers can look to them for guidance on the DOL’s interpretation of the law. In the letter, the DOL said the parent’s attendance at a school IEP meeting to address the educational and special medical needs of her children with serious medical conditions (as certified by a health care provider)...

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Open Enrollment Season – A Checklist for Employers

Here at SIMA we offer a comprehensive set of tools and support materials to ensure your employees remain engaged, educated, and, most of all, enrolled in a plan that helps them make better decisions for a healthy physical and financial future. Here are just a few things to do before, during, and after the enrollment period. Pre-Enrollment:  4-10 weeks before Open Enrollment Plan kickoff event around enrollment Send a letter, email, or text message about upcoming enrollment period Print flyers or order materials to hand out at enrollment event Open Enrollment:  1-2 weeks before and during Open Enrollment Send reminders about...

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HSA and Retirement: How to Use Your Health Savings Account

When you get ready to retire, there’s a good chance one of your biggest expenses will be health care. Luckily, there are tools you can use to help make the most of your money. If you qualify, you might be able to use a health savings account (HSA) as a sort of “retirement account” to help you continue to grow your wealth. “An HSA isn’t actually a retirement account; it’s completely different,” said Tom Vipond, emerging products consultant at TD Ameritrade. “However, it is a tax-advantaged savings account that can be used as part of your retirement strategy.” Here’s what you need...

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Your 2019 – 2020 Tax Planning Guide

As we face the last quarter of 2019, SIMA continues its commitment of informing our clients of new and existing laws that are relevant to them. Further, we strive to be proactive in reducing your business and personal tax liabilities. The planning guide below is designed to support our clients and assist you with the many potential questions you may have as it relates to your business and your family. Click the link to download your copy.  As always, please call us if you have any questions about how anything in this document applies to you or your business. We...

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Medicare Part D – Creditable Coverage Disclosure Notice to Individuals

Employers must send Medicare Part D Creditable Coverage Disclosure Notices to individuals each year by October 14th and at additional specified times during the year. All employers that provide prescription drug coverage to individuals who are eligible for Medicare Part D are required to notify those individuals whether or not the coverage that is provided is creditable, as part of the Medicare Part D creditable coverage requirements. Notices must be provided to Medicare-eligible active working individuals and their dependents, Medicare-eligible COBRA individuals and their dependents, Medicare-eligible disabled individuals covered under the prescription drug plan, and any retirees and their dependents who...

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