SIMA Login Center
SIMA
Copyright 2018 SIMA Financial Group.
All Rights Reserved.

Retirement Confidence Increases for Workers and Retirees

In its 28th annual Retirement Confidence Survey, the Employee Benefit Research Institute (EBRI) discovered that 64% of today's workers feel very or somewhat confident in having enough money to retire comfortably, up from 60% in 2017. And although far more retirees are very confident in their retirement prospects than workers (32% versus 17%, respectively), retiree confidence in their ability to meet basic expenses and medical expenses dropped from the previous year. Moreover, both workers and retirees question the role Social Security will play in future retiree income. Basic expenses and health-care costs a concern for many retirees Retiree confidence in meeting basic...

Continue reading

IRS reminder: Tax scams continue year-round

IR-2019-104, June 5, 2019 WASHINGTON – Although the April filing deadline has passed, scam artists remain hard at work, and the IRS today urged taxpayers to be on the lookout for a spring surge of evolving phishing emails and telephone scams. The IRS is seeing signs of two new variations of tax-related scams. One involves Social Security numbers related to tax issues and another threatens people with a tax bill from a fictional government agency. Here are some details: The SSN hustle. The latest twist includes scammers claiming to be able to suspend or cancel the victim’s Social Security number. In this...

Continue reading

Medicare Part D Creditable Coverage Notice Reminder

All group health plans that provide prescription drug coverage to Medicare Part D eligible individuals (whether actively working, retired, or disabled) are required to notify CMS whether or not the coverage provided is creditable. This disclosure is required whether the coverage is primary or secondary to Medicare. Employers must file their Disclosure Notice through the CMS website Instructions and guidance on completing the notice are also available. NOTE: If you are offering an actual Part D Plan, you are exempt from this filing requirement. Employers who have applied for a retiree drug subsidy are NOT required to complete this form. You will...

Continue reading

IRS Releases 2020 HSA Adjustments

The IRS has released the 2020 inflation adjustments affecting Health Savings Accounts and High Deductible Health Plans. The 2020 IRS HSA limits are as follows: ITEM 2019 2020 Annual Contribution Limit – Individual $3,500 $3,550 Annual Contribution Limit – Family $7,000 $7,100 Annual Catch-Up Contribution Limit (Age 55 to 65) $1,000 $1,000 Minimum Deductible for HDHP – Individual $1,350 $1,400 Minimum Deductible for HDHP – Family $2,700 $2,800 Maximum Out-Of-Pocket for HDHP – Individual $6,750 $6,900 Maximum Out-Of-Pocket for HDHP - Family $13,500 $13,800 ...

Continue reading

Frequently Asked Questions about the Form 5500 Series

Am I required to file a Form 5500 or 5500-SF for my employee benefit plan? Administrators of ERISA employee benefit plans are required to file an annual Form 5500 or 5500-SF, unless a reporting exemption applies. More specifically, if you are the administrator of a profit sharing plan, stock bonus plan, money purchase plan, 401(k) plan, defined benefit plan, 403(b) plan or welfare benefit plan, you must file a Form 5500 or 5500-SF for the plan each year. Certain welfare benefit plans are exempt from all or part of the Form 5500 series reporting requirements. For example, there is an exemption from...

Continue reading

Form 5500 Annual Return/Report of Employee Benefit Plan   

Each year, employee benefit plan administrators are generally required to file a return/report regarding the plan’s financial condition, investments and operations. The annual reporting obligation is generally satisfied by filing the Form 5500 Annual Return/Report of Employee Benefit Plan or Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan, plus any required schedules and attachments. The Department of Labor (DOL), Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) jointly developed the Form 5500 series to consolidate the main annual reporting requirements for employee benefit plans. The Form 5500 series is intended to protect the rights and...

Continue reading

Holiday Payroll Notice – Please Look Ahead

SIMA will be closed on Monday, May 27 in observance of the Memorial Day Holiday. Your payroll must be processed a day earlier than normal by 12:00 pm to ensure timely processing. Is your pay date on Monday, May 27? There will be no direct deposits allowed on Monday, May 27 due to the Memorial Day Holiday and bank closures. If your pay date is on this day, please contact your payroll team at payroll@simafinancialgroup.com to let us know whether you would like to move your pay date to Friday or Tuesday. Please don’t hesitate to reach out to us if you need...

Continue reading

1040 Postmortem: Making Sense of Your Taxes and Withholding

The Tax Cuts and Jobs Act (TCJA), which passed in December 2017, made fundamental changes to the U.S. tax code, and 2018 returns were the first time most taxpayers could see the practical impact of these changes. In an April 2019 Gallup poll, 43% of Americans said they were unsure how the new tax law affected them personally. Surprisingly, 21% thought their federal income taxes went up in 2018, and 21% said they were about the same. Only 14% of respondents reported that their taxes went down, even though independent analyses and preliminary tax filing data suggested that about two-thirds of...

Continue reading