On Jan. 13, 2022, the Supreme Court of the United States (SCOTUS) ruled to stay the Occupational Safety and Health Administration’s (OSHA) vaccination and testing emergency temporary standard (ETS). The ETS was developed to establish a mandatory vaccination policy requirement for private employers with 100 or more employees. ETS Litigation The ETS went into…
Certain Group Health Plans Required to File ACA Section 6055 & 6056 Reporting Group health plan administrators are reminded that Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 must be filed with the Internal Revenue Service (IRS) by February 28, 2022 (or March 31, 2022 if filing electronically) and individual statements must…
Upcoming ACA Reporting Deadlines Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 for the 2021 calendar year is due in early 2022. Specifically, reporting entities must: Furnish statements to individuals by March 2, 2022; and File returns with the IRS by Feb. 28, 2022 (or March 31, 2022, if filing electronically). Penalties…
As an Employer, it’s easy to get overwhelmed with choices when it comes to Health Insurance. Complexities between plan designs, funding options, and various accounts (Flexible Spending Accounts, Health Reimbursement Accounts, Health Savings Accounts etc.,) make it difficult for Organizations to know if their Benefit Plan is competitive & effective. While there is never a…
As a CFO or HR Director, you likely get pummeled with marketing material about alternative-funding on a weekly basis. Most employers are accustomed to traditional fully-insured health plans, but alternative-funding (also known as self-funding) solutions for small to medium sized employers have expanded rapidly over the last decade. When researching alternative-funding, you will hear about…
The 2020 General Assembly Session passed Senate Bill 567 resulting in maternity benefit changes for Short-Term Disability plans in Virginia During the 2020 General Assembly Session, Senate Bill 567 – Disability Insurance: coverage for disability arising out of child-birth (SB567) was passed. The Commonwealth of Virginia established a new 12-week maximum benefit period for Short-Term…
On March 11, President Biden signed the American Rescue Act Plan of 2021 (ARPA) into law. Subsidy Overview The sweeping $1.9 trillion package includes a range of policies to provide additional pandemic relief. Among the provisions of the most interest to employers, ARPA provides for a 100% COBRA subsidy for up to six months for…
President Joe Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. Along with providing financial relief for individuals, state and local governments, schools, businesses and for other purposes, the law contains the following measures of special interest to employers and their employees: A subsidy for COBRA premiums, funded…
SIMA proudly provides your company with comprehensive financial services allowing you to focus on your business. Below we have outlined some best practices related to maintaining your company’s employee benefit deductions. These practices are intended to support your existing company procedures and enable your team to find any discrepancies in a timely manner. As always,…
President Joe Biden has signed two executive actions to strengthen Americans’ access to affordable health care. Among the actions is an executive order aimed at expanding enrollment in the Affordable Care Act (ACA) and Medicaid, and a memorandum rescinding regulations on reproductive health access. Biden’s executive order on health care access is aimed to increase…
