Monthly Archives: September 2020

Certified Insurance Agent

Loss of Job or Loss of Income SEP

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Loss of Job or Loss of Income SEP

Certified Insurance Agent

 

A new Special Enrollment Period is now available to consumers who have lost their job or income or who have experienced a reduction in income. The Qualifying Life Event (QLE) dropdown menu now includes the following:

  • English: Loss of job or loss of income
  • Spanish: Pérdida de trabajo o pérdida de ingreso

Please note: This SEP is only valid for 60 days from the date the consumer experienced the loss of job or reduction in income.

 

Coverage effective dates under the “Loss of job or loss of income” QLE are as follows:

  • For new consumers, the coverage effective (start) date will be the first of the month following plan selection or the event date, whichever is later.
  • For existing consumers, the effective date of coverage for a reported change will generally follow the 15th day-of-the-month rule (e.g., a “Loss of job or loss of income” change reported September 24 would have updated case eligibility effective November 1).
  • Call 909-656-4885

 

Certified Insurance Agent

Loss of Job or Loss of Income SEP

Posted on by

Loss of Job or Loss of Income SEP

Certified Insurance Agent

A new Special Enrollment Period is now available to consumers who have lost their job or income or who have experienced a reduction in income. The Qualifying Life Event (QLE) dropdown menu now includes the following:

  • English: Loss of job or loss of income
  • Spanish: Pérdida de trabajo o pérdida de ingreso

Please note: This SEP is only valid for 60 days from the date the consumer experienced the loss of job or reduction in income.

 

Coverage effective dates under the “Loss of job or loss of income” QLE are as follows:

  • For new consumers, the coverage effective (start) date will be the first of the month following plan selection or the event date, whichever is later.
  • For existing consumers, the effective date of coverage for a reported change will generally follow the 15th day-of-the-month rule (e.g., a “Loss of job or loss of income” change reported September 24 would have updated case eligibility effective November 1).

Need Help Enrolling Call 909-656-4885 We can do this online together.

Certified Insurance Agent

California State Treasurer Fiona Ma, CPA News Release

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California State Treasurer Fiona Ma, CPA News Release

Deadline Approaches: Businesses With More Than 100 Employees that Do Not Sponsor a Retirement Plan Must Register for CalSavers By September 30th
Sacramento – California State Treasurer Fiona Ma reminds employers with more than 100 employees that they are required by state law to register for CalSavers by September 30th if they don’t already sponsor a retirement plan.

CalSavers is California’s new retirement savings program that will offer millions of workers in California the opportunity to get on track for the future. CalSavers is available to California workers whose employers don’t offer a workplace retirement plan, self-employed individuals, and others who want to save extra. Participants contribute to an Individual Retirement Account (IRA) that belongs to them and is completely portable. Employers that don’t offer their own plan and have at least five employees must register for CalSavers by their deadline and facilitate their employees’ access to the program.

"Financial resilience has never been more important for working people," said Treasurer Ma. "CalSavers is here to help underserved workers save for their futures."

"Even with the pandemic conditions and well before the first compliance deadline, thousands of California employers are already registered and their employees have saved $9 million for their futures," said CalSavers Executive Director Katie Selenski. "Every day we hear that it’s easy for employers to facilitate and our support team is here to help employers as they get started."

Last April, the CalSavers Retirement Savings Board, chaired by Treasurer Ma, extended the registration deadline for employers in the state with more than 100 employees to Sept. 30 from June 30. "Business owners are facing unprecedented challenges due to the COVID-19 emergency," Ma said at the time. "We hope this action will help employers as they navigate through this difficult time." Deadlines for employers with more than 50 employees and five or more employees are June 30, 2021 and June 30, 2022, respectively. More information is available at 909-656-4885 If you opt out your employees can still save on their own.  I have retirement plans for Employers and Employees.  Please call for more info 909-656-4885