Supplemental Benefits With Russ Goldner
August 3, 2020
Dear Valued Client,
I hope this letter finds you well. It has been a very interesting year to say the least. Times are ever evolving, but our goal at Saxon remains unchanged to ensure you have the best benefit experience possible. In working with over 600 groups, we find this comes in many forms and fashions.
The one aspect of benefits that Saxon has provided through direct to carrier relationships is the supplemental benefit arena. Supplemental benefits are plans many folks use to help offset the cost of a major medical procedure or the recent rise of deductibles. In response to the more frequent request for these plans, I am excited to announce Saxon has decided to step into this arena to assist our clients directly.
Russ Goldner has joined Saxon as our Director of Supplemental Benefits. With 15 years of experience in this discipline, Russ can assist in developing a supplemental benefits program that fits the needs of your company and, most importantly, the needs of your employees.
Supplemental benefits are an excellent means of complimenting your major benefit lines because they further enhance a benefit lineup assisting in both recruiting and retention. These lines are voluntary, allowing your employees to opt for coverage that is best for them and their families, especially in filling potential gaps in their deductible funding or costs of living while recovering from a medical malady.
Russ will be following up with you to further discuss the advantages of providing supplemental benefits to your employees. If you want to reach out to Russ prior to, he can be reached via email at rgoldner@gosaxon.com or via phone at (513) 317-8412.
Respectfully,
Jamie Charlton
The Saxon Advisor - June 2020
Compliance Check
what you need to know
Eligible Automatic Contribution Arrangement (EACA). For failed ADP/ACP tests, corrective distributions must be made towards participants within 6 months after the plan year ends – June 30, 2020.
SF HSCO Expenditures. The last day to submit SF HSCO expenditures, if applicable*, for Q2 is July 30, 2020. *Applicable for employers with 20+ employees doing business in SF and Non-Profits with 50+ employees.
Form 5500 and Form 5558. The deadline for the 2019 plan year’s Form 5500 and Form 5558 is July 31, 2020 (unless otherwise extended by Form 5558 or automatically with an extended corporate income tax return).
Form 8955-SSA. Unless extended by Form 5558, Form 8955-SSA and the terminated vested participant statements for the plan year of 2019 are due July 31, 2020.
Form 5558. Unless there is an automatic extension due to corporate income tax returns, a single Form 5558 and 8955-SSA is due by 2½ months for the 2019 plan year.
Form 5330. For failed ADP/ACP tests regarding excise tax, Form 5330 must be filed by July 31, 2020.
401(k) Plans. For ADP/ACP testing, the recommended Interim is due August 1, 2020.
The Steps Of An Internal Investigation
Join us for this interactive and educational Saxon U seminar with Pandy Pridemore, The Human Resources USA, LLC, as we discuss the steps of an internal investigation.
Medicare 101: A Quick Guide For Employers
Bringing the knowledge of our in-house advisors right to you...
Medicare is a governmentfunded health insurance program for those aged 65 and above, those under 65 with certain disabilities, and those with End State Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS). Employers that offer group health insurance plans to their employees have an interest in learning how employees’ entitlement to Medicare benefits can affect the administration of those plans.
“Ask a licensed agent for assistance. Advertisements can be confusing, and everyone wants to make the right choice. Using my expertise, I take the fear out of the decision making, so my clients can make an informed decision concerning their healthcare.”
Fresh Brew Featuring Abby Graham
"It’s not that hard to be well!"
This month’s Fresh Brew features Abby Graham, Wellness Director at Saxon.
Abby’s favorite brew is Coffee. Her favorite local spot to grab her favorite brew is Coffee Emporium.
Scott’s favorite snack to enjoy with his brew is Reese’s Pieces Cookies.
This Month's #CommunityStrong:Each member of Saxon will be choosing their own charity that they want to make a positive impact on!
This May, June & July, the Saxon team and their families will be choosing their own charity that they would like to make a positive impact towards!
Are you prepared for retirement?
Saxon creates strategies that are built around you and your vision for the future. The key is to take the first step of reaching out to a professional and then let us guide you along the path to a confident future.
Monthly compliance alerts, educational articles and events
- courtesy of Saxon Financial Advisors.
The Saxon Advisor - April 2020
Compliance Check
Easy to Digest, Monthly Need-to-Knows
The Current 30
APRIL 1: Required Minimum Distribution. Deadline to take first RMD for terminated participants following attainment of age 70 1/2 or retiring after 70 1/2 in prior calendar year.
APRIL 1: Form 1099-R. Deadline for employers to file electronically with the IRS.
APRIL 15: Excess Contribution Refunds (Over IRS Limit). Deadline to return excess retirement plan deferrals for the previous plan year.
APRIL 30: Annual Audit Time! For large 5500 filers, it is time to select an auditor and schedule your annual audit.
A Look Forward
MAY 15: Participant-Directed Plans. Benefit Statements for participant-directed plans and Participant Fee Disclosures are due.
JUNE 30: Eligible Automatic Contribution Arrangement (EACA). Corrective distributions for failed ADP/ACP tests must be made within 6 months after the Plan Year end.
JULY 31: Form 5500 and Form 5558. The deadline for the 2019 plan year’s Form 5500 and Form 5558 (5500 filing extension to October 15th).
JULY 31: Form 8955-SSA. Deadline to file Form 8955-SSA and the terminated vested participant statements for the plan year of 2019 (unless extended by Form 5558).
JULY 31: Form 5330. Deadline to file for excise tax on failed ADP/ACP test.
How to Legally Work With Gig and Contract Workers
Join our May Saxon University as Pandy Pridemore discusses how to legally work with Gig and Contract Workers
What You Need to Know: The SECURE Act
Bringing the knowledge of our in-house advisors right to you...
In December of 2019, President Donald Trump passed the Setting Every Community Up for Retirement Enhancement Act or SECURE Act. Some of the Act aims at making it easier for small business owners to create more affordable and easier to administer retirement plans.
“There is a lot of hype in the government and media about how the SECURE Act will make it cheaper to sponsor a plan. I don’t know if recordkeepers could lower their annual costs any more than they have over the last 8 or 9 years; but it definitely will provide lower start-up costs through the tax credits, and make it easier to administer plans if utilizing a Safe Harbor approach or a PEP.”
Fresh Brew Featuring Olivia Childs
"Be sure to do the follow-up after a conversation!"
Olivia Childs is a Saxon Senior Solutions Specialist whose favorite catchphrase is, “We rise by lifting others,” by Eleanor Roosevelt. We invite you take a moment to get to know Olivia!
Olivia’s favorite brew is Chai Tea Latte. She admits that enjoying her drink while relaxing at Half Day Cafe and snacking on an Everything Bagel is hard to beat!
This Month's #CommunityStrong:
Donation Drive for Families Forward
It's time to work together to help meet a top priority need of a valued community program and the families they serve.
Are you taking a strategic approach to your financial big picture?
Saxon creates innovative strategies that will help you figure out how to get there, plan for the risks along the way, navigate complex tax code and understand the steps you need to take to protect and secure your future.
Monthly compliance alerts, educational articles and events
- courtesy of Saxon Financial Advisors.
The Saxon Advisor - February 2020
Compliance Check
what you need to know
Section 6055/6056 Reporting. Employers must file Forms 1094-B and 1095-B, and Forms 1094-C and 1095-C with the IRS by February 28, 2020 if they are filed on paper.
Form 1099-R Paper Filing. Employers must file Form 1099-R with the IRS by February 28, 2020 if they are filed on paper.
CMS Medicare Part D Disclosure. Employers that provide prescription drug coverage must disclose to the CMS whether the plan’s prescription drug coverage is creditable or non-creditable.
Summary of Material Modifications Distribution. Employers who offer a group health plan that is subject to ERISA must distribute a SMM for plan changes that were adopted at the beginning of the year that are material reductions in plan benefits or services.
Section 6055/6056 Individual Statements (2019 EXTENDED DEADLINE). Applicable large employers (ALEs) that sponsor self-insured health plans must disclose information about plan coverage to covered employees each year. This deadline was extended from January 31, 2020, to March 2, 2020, this year by the IRS.
ADP/ACP Refunds. Corrective refunds for a failed ADP/ACP test must be made by March 15, 2020, to avoid 10 percent excise tax penalties.
Section 6055/6056 Reporting (Electronic Filing Deadline). Applicable large employers (ALEs) that sponsor self-insured health plans are required by Internal Revenue Code Sections 6055 and 6056 to report information about the coverage to the IRS yearly. IRS Forms 1094-C and 1095-C are used to report coverage information. March 31, 2020, is the deadline to submit these forms if employers are filing electronically.
COBRA General Notice. Employers who provide group health plans must provide a written General Notice of COBRA rights to all covered employees and spouses (if applicable). This notice must be provided 90 days after health plan coverage begins.
Summary Plan Description (SPD). Employers who offer group health plans that are subject to ERISA must provide Summary Plan Descriptions (SPD) to employees who newly enrolled at the beginning of the plan year.
Form 1099-R (Electronic Filing Deadline). Employers must file Form 1099-R with the IRS by March 31, 2020, if they are filed electronically.
Form 5330. The Form 5330 excise tax return and payment for excess 2018 ADP/ACP contributions are due March 31, 2020.
What Employers Should Know About the SECURE Act
Join us for this interactive and educational Saxon U seminar with Todd Yawit, Director of Employer-Sponsored Retirement Plans at Saxon Financial Services, as we discuss what the SECURE Act is and how it impacts your employer-sponsored retirement plan.
How to Speak to Your Employees About Their Intimidating Benefits
Bringing the knowledge of our in-house advisors right to you...
Employers spend thousands annually to secure and offer benefits to their employees. However, a small amount of time and money are devoted to ensuring employees understand and appreciate their benefits. Properly communicating – what you say, how you say it and to whom you say it to – can make a tremendous difference in how employees think, feel and react to their benefits, employer and fellow co-workers.
In this installment of CenterStage, Jamie Charlton, founding partner and CEO of Saxon Financial Services, discusses the importance of offering sound education of benefits to employees, as well as how to effectively communicate their benefits in a clear, concise manner.
Fresh Brew Featuring Nat Gustafson
“Always be prepared.”
This month’s Fresh Brew features Nat Gustafson, an Account Manager at Saxon.
In his free time, Nat enjoys snowboarding. When thinking about his greatest adventure, he remembers traveling around Italy. He lives by the catchphrase of, “Roll up your sleeves.”
Nat’s favorite brew is Rhinegeist Truth. His favorite local spot to grab his favorite brew is Mount Lookout Tavern on Linwood Avenue.
Nat’s favorite snack to enjoy with his brew is Chicken wings.
This Month's #CommunityStrong:
American Heart Association Heart Mini Fundraising
This January, February & March, the Saxon team and their families will be teaming up to raise money for the American Heart Association Heart Mini!
Saxon’s Humana GO365 Annual Wellness Clinic
Learn what Go365 is, how it works, how to create engaged employees and how to maximize the 15% wellness incentive credit from the program.
Monthly compliance alerts, educational articles and events
- courtesy of Saxon Financial Advisors.
