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Small Businesses

SIMA Financial Group > Small Businesses (Page 9)

State Continuation of Coverage

Our team has updated the Virginia State Continuation Form. As a reminder, employers with under 20 employees are required to provide written notice within 14 days of learning of a covered person’s loss of eligibility under the plan. The covered individual must notify the employer within 60 days of their termination of eligibility if they intend to continue coverage. It is very important that the written notification is provided in a timely manner so the individual can choose to elect within that 60 day window. We have updated the form to clarify the 60 day election period. Continuation shall only be available to an...

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Personal Information Protection in Virginia (VA)

Virginia law imposes duties on employers and others who collect and store personal information. The chart below gives a general overview of these requirements; additional requirements and exceptions may apply. Types of Protected Information Personal information means: The first name (or first initial) and last name in combination with and linked to any unencrypted or unredacted data elements listed below that relate to a Virginia resident: Social Security number; Driver's license number or state i.d. card number; or Financial account number, or credit or debit card number, in combination with any required security code, access code, or password that would permit access to...

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Recruit and Retain: The Power of Voluntary Benefits

As health care costs continue to rise, so has the value of voluntary benefits. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company. Many employers consider expanding their voluntary benefits to compensate for employees’ increasing health care costs. Employees benefit because they have a variety of insurance and other program options conveniently available in one place. Types of Voluntary Benefits A few traditional voluntary offerings include dental, vision, disability, critical illness, life and accident insurance. Non-traditional voluntary benefits may include group legal plans, pet insurance, financial planning, employee discount programs, educational and adoption assistance,...

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Deadline Extended for EEO-1 Filing to May 31, 2019

The Equal Employment Opportunity Commission (EEOC) has extended the deadline for employers to submit EEO-1 Reports for 2018. The reports are now due by May 31, 2019.   What is the EEO-1 Report? The EEO-1 Report is a federally mandated survey that collects workforce data from employers. The data is categorized by race, ethnicity, sex and job category. The EEOC uses this information to enforce federal prohibitions against employment discrimination and discriminatory pay practices.   The EEO-1 Report is an annual survey required under Title VII of the federal Civil Rights Act (Title VII). Under the law, employers with 100 or more employees and...

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Small Businesses May Be Able to Keep Existing Non-ACA Compliant Health Coverage Through 2020

Policies Renewed Under Extended Non-Enforcement Policy Must Comply by January 1, 2021 A previously extended non-enforcement policy which allows health insurance issuers, at their option, to continue group coverage that would otherwise be terminated or cancelled has been further extended to policy years beginning on or before October 1, 2020, provided that all policies come into compliance by January 1, 2021. Health insurance issuers that renew coverage under the extended non-enforcement policy are required to provide standard notices to affected small businesses for each policy year. Coverage subject to the non-enforcement policy will not be considered to be out of compliance with...

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Retirement Savings Contributions Credit (Saver’s Tax Credit)

Employers and plan sponsors can give their low- and moderate-wage workers some good news by informing them of the Saver’s Credit. This federal income tax credit was made permanent in the Pension Protection Act of 2006. To be eligible, a person must: be 18 years of age or older not be a full-time student not be claimed as a dependent on someone else’s return make contributions to a qualified IRA, 401(k) or other eligible retirement plan meet certain financial criteria, as described below Depending on adjusted gross income, a participant may receive a tax credit equal to 10, 20 or 50%...

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Calculating OT? Double-Check Your Math

Overtime, or OT, is typically calculated by multiplying an employee's hourly rate by 1.5--pretty easy, right? It depends who checks your math. The Department of Labor (DOL) recently published an opinion letter on pay rates, as they relate to calculating OT. According to the letter, you can vary employees' average hourly rates from week to week--assuming the average hourly pay is always above the Fair Labor Standards Act's minimum wage threshold. However, employers using this method should be cautious when determining OT pay. The DOL specified that a company may not "arbitrarily choose the regular rate of pay" on which to...

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Deadlines to Furnish Forms 1095-C and 1095-B to Employees Fast Approaching

The IRS deadlines to furnish Forms 1095-C and 1095-B to employees in early 2019 are fast approaching. The deadlines are as follows: Employers with 50 or more full-time employees (including full-time equivalent employees) generally must furnish a Form 1095-C to all full-time employees no later than March 4, 2019. Self-insured employers with fewer than 50 or more full-time employees (including full-time equivalent employees) generally must furnish a Form 1095-B to all responsible individuals--typically the primary insured, an employee or former employee, or other related person named on the application for insurance--no later than March 4, 2019. The deadline for employers to...

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