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Small Businesses

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How Protected is Your 401(k) Plan? – Plan Sponsor Guide

Technology is evolving fast, but cybercriminals are evolving just as fast. Cybercriminals are now going after plan sponsor’s company 401(k) plans, and you could be liable if disaster strikes!  You should be aware of the multiple cyber threats that can affect your plan and the protective measures available to help you thwart those threats. Our guide provides you with many ways you can help protect your plan, inform yourself of possible threats, and engage plan sponsors to actively protect their accounts. Click to download the plan sponsor guide....

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The Cost of Financial Stress: Plan Sponsor Infographic

Many financially stressed employees confess to spending 3+ hours of their work week distracted by personal finances, that’s 156 hours per year! This means you could be losing up to $5,260 per employee in productivity. So, what can employers do? Here are three ways employers can help employees manage financial stress: 1. Offer financial wellness programs 2. Encourage more savings with a company match 3. Provide financial education Check out this guide to managing your employees' financial stress.  ...

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10 Employee Retention Resolutions for 2020

With a new year upon us, your attention is likely focused on setting financial and productivity goals for your business. As you plan, make sure to look at one area you may have overlooked: employee retention. Employee retention has a huge impact on your bottom line, and now is a great time to make some employee retention resolutions that will pay off all year long. Watch the video below to learn 10 key employee retention resolutions for 2020. [embed]https://hr360.wistia.com/medias/26o5f6fqaf?wvideo=26o5f6fqaf[/embed]   ...

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New Summary of Benefits and Coverage Template Will Be Required for 2021

Recently, the Departments of Labor (DOL) and Health and Human Services (HHS) issued an updated template and related materials for the summary of benefits and coverage (SBC). These materials are required to be used for plan years beginning on or after Jan. 1, 2021. This means that the updated template must be used for the 2021 plan year’s open enrollment period. The SBC is a concise document providing simple and consistent information about health plan benefits and coverage. Employers should prepare to use the new SBC template and related materials for the 2021 plan year. Prior to the beginning of the 2021...

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5 Performance Review Best Practices

Performance reviews are an annual ritual for many employers, but their usefulness has been debated for years. To make sure you—and your employees—get the most out of performance reviews, follow these five tips. Perform formal evaluations at the same time for everyone each year. While this increases the workload of managers and supervisors during review time, it forces direct comparisons of employees and establishes a nonbiased system. Have regular meetings with supervisory staff. Supervisors will learn from each other’s experiences. Provide adequate training and insist on candid observations. Clearly communicate to employees what their duties are and what satisfactory performance is....

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Upcoming Group Health Plan Compliance Dates

Employers must comply with numerous reporting and disclosure requirements throughout the year in connection with their group health plans. Listed below are upcoming important compliance deadlines for employer-sponsored group health plans, organized chronologically. For these requirements, the information provided herein shows the deadlines that apply to calendar year plans. For non-calendar year plans, these deadlines will need to be adjusted to reflect each plan’s specific plan year. January 2020 Employers that filed 250 or more IRS Forms W-2 for the prior calendar year must file Forms W-2 with the Social Security Administration and furnish Forms W-2 to employees by Jan. 31 of...

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IRS Releases Final Forms and Instructions for 2019 ACA Reporting

The 2019 ACA Reporting is Due in Early 2020 The IRS has released final 2019 versions of Forms 1094-C, 1095-C, 1094-B, and 1095-B that employers will use in early 2020 to report on the group health insurance coverage they offered during the 2019 calendar year. Instructions on how to complete Forms 1094-C and 1095-C and Forms 1094-B and 1095-B for the 2019 calendar year have also been released. The 2019 forms and instructions are substantially similar to the 2018 versions. Note that Section 6055 reporting continues to be required, despite the fact that the individual mandate penalty has been reduced to $0....

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DOL Issues 2020 Form W-4

Employers Must Begin Using the New Form Jan. 1 On Dec. 5, 2019, the Internal Revenue Service released an updated version of its W-4 form, also known as the “Employee’s Withholding Certificate.” Employers use IRS Form W-4 to determine each employee’s federal tax withholdings. The new form is intended to harmonize tax withholding declarations with the Tax Cuts and Jobs Act, which affected individuals for the first time during the last tax filing season. Employees may complete a new W-4 each year or each time they experience a change in their personal financial situation. However, the new form does not invalidate prior...

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Business Mileage, Medical and Moving Rates Decrease

On Dec. 31. 2019, the Internal Revenue Service (IRS) issued the 2020 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 cents per mile driven for business use (down from 58 cents in 2019); 17 cents per mile driven for medical or moving purposes (down from 20 cents in 2019); and 14 cents per mile driven in service of charitable organizations (unchanged). Click here...

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Have your employees visited the doctor this year?

Small life decisions can have a huge impact on your health. Those who don’t see a doctor once a year risk greater health complications down the road. Since most health plans cover an annual visit, there’s no reason to skip a checkup.  It's a great time to remind your employees to see their doctor before the year ends! [video width="1920" height="1080" mp4="https://simafinancialgroup.com/wp-content/uploads/2019/12/Have-You-Visited-Your-Doctor-This-Year.mp4"][/video]...

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