CAMS-ii Update version 5.5.1.2
On Thursday, June 25, 2020, we will update your CAMS-ii server with CAMS-ii version 5.5.1.2
This update includes the changes to account for Reg CC Hold Amount changes.
On July 1, 2020, not before and not after, you must do the following.
- On July 1, 2020, not before, you must set the Control-Master parameter (Back Office
> Standard > Control-Master), Check Hold Exempt Amount to 225. - If the Control-Master parameter, Receipt Message for $5525 Hold, contains a hold
amount in the narrative, update the amount in the narrative.
Click here to view and print a final draft of the CAMS-ii Release version 5.5.1.2 Update Notice.
Please address any questions regarding the contents of the CAMS-ii Release version 5.5.1.2 Update Notice to the CTT.
IRA and HSA Processing
Due to changes made by the IRS in response to COVID-19 for the IRA and HSA prior-year contributions reporting dates, we have had some questions regarding creating IRS Form 5498s for reporting directly to the IRS or third-party IRA processors. CBS can assist with this process.
If you need proof lists, want to maintain, and/or export files prior to the July 15th date, please contact CBS via the CTT by June 3, 2020.
Please read the following instructions to assist you with processing your associated IRA and HSA forms/information to the IRS and/or third parties.
For IRAs:
- Ensure that the Control-IRAs parameter (Back Office > Standard > Parameters) setting, Cutoff Day for Previous Year Contributions, is set to JUL 15.
- If it is NOT set to JUL 15, re-set the setting to JUL 15. The 5498 driver file will update properly with the correct account types and previous-year contributions.
For HSAs:
- Ensure that the Control-Health Savings parameter (Back Office > Standard > Parameters) setting, Cutoff Day for Previous Year Contributions, is set to JUL 15.
- If it is NOT set to JUL 15, re-set the setting to JUL 15. The 5498 driver file will update properly with the correct account types and previous-year contributions.
Please address any questions regarding this posting to the CBS CTT.