Busy women fall short in retirement readiness

busywomenI have the great pleasure of working with investment and retirement committees day in and day out that tackle the tough task of managing a retirement plan that will, more than likely, be a main source of retirement income for their valued employees in the future. In most every case, these committees have at least one female who is at the table helping shape the future for her people at work. As a woman, I know that it is second nature to want to take care of other people first; sometimes out of necessity and other times because taking care of other people’s problems allows us the ability to push our own problems further down the line. However, when it comes to preparing for our own retirement futures, putting our own needs at the bottom of the pile can be a big mistake. The fact of the matter is that in households today women make the financial decisions. Need proof? Women make 85 percent of all brand purchases (Stephanie Holland, shecomony) and according to Nielson Consumer 04-02-2013, women’s purchasing power ranges anywhere from $5 trillion to $15 trillion annually. So why are we still delaying putting a plan together for how we are going to live and spend in retirement?   If you would like to discuss how becoming more financially prepared for the future can help you today, please let me know.

Jamie Kertis, AIF®, QKAjamie kertis headshot
Retirement Plan Specialist
Grinkmeyer Leonard Financial
1950 Stonegate Drive / Suite 275 /Birmingham, AL 35242
Office: 205.970.9088 / Toll-Free: 866.695.5162
www.grinkmeyerleonard.com

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Employee Benefit Plan Audits – Are You Getting a Quality Audit?

bsmsA great article from Jaime Sweeney, Senior Manager, Barfield, Murphy, Shank & Smith, LLC.

 

 

 

The Department of Labor and the Employee Benefits Security Administration recently completed an assessment of the quality of audit work performed by independent public accountants and the overall findings were disappointing.  In May 2015, the DOL released a report titled “Assessing the Quality of Employee Benefit Plan Audits” that found 30% of the audits (nearly 4 out of 10) contained major deficiencies in regards to GAAS requirements.  Those deficiencies could lead to rejection of a Form 5500 filing.

The report makes recommendations, including DOL outreach and enforcement related to audit standards.  As part of this outreach, in November of 2015, the DOL distributed letters and information to plan administrators of “funded” ERISA employee benefit plans providing tips for selecting and working with a qualified CPA firm auditor who has the expertise.  Plan administrators are held responsible as fiduciaries of the plan, and can be held personally liable if they are not making reasonable choices with regard to their plan.

The letter explains that a quality audit can help protect plan assets and make sure that the plan is compliant with applicable law.  The letter specifically emphasizes that plan administrators should be careful when they select and retain an auditor.

While many accounting firms are choosing not to continue offering employee benefit plan audits, we at Barfield, Murphy, Shank & Smith, LLC assure you that we are distinctly qualified for this work and will continue to offer this service.

According to the DOL, you should consider the following factors when selecting a CPA firm:

  • The number of employee benefit plans the CPA audits each year, including the types of plans
    • Having worked extensively with retirement plans for over two decades, BMSS is known for having one of the premier auditing practices in Alabama. BMSS audited in excess of 30 plans in 2015, including defined contribution and defined benefit plans.  Our staff has a great deal of experience understanding the nuances of these audits.
  • The extent of specific annual training the CPA received in auditing plans
    • Employee benefit plan audits have unique audit and reporting requirements and are different from other financial audits. At BMSS, all of our employee benefit plan professionals receive annual Continuing Professional Education specific to Employee Benefit Audits.
    • Barfield, Murphy, Shank & Smith, LLC is a member of the American Institute of Certified Public Accounts EBPAQC (Employee Benefit Plan Audit Quality Center), a group created to improve quality of benefit plan audits with news alerts, training, webinars, audit quality center and other resources.
  • The status of the CPA’s license with the applicable state board of accountancy
    • Our CPAs are actively licensed by the Alabama State Board of Accountancy.
  • Whether the CPA has been the subject of any prior DOL findings or referrals, or has been referred to a state board of accountancy or the American Institute of CPAs (AICPA) for investigation
    • We are proud to say that BMSS has not been subject to any DOL findings or referrals. We have not been referred to a state board nor the AICPA for investigation.
  • Whether or not your CPA’s employee benefit plan audit work has recently been reviewed by another CPA (this is called a “Peer Review”) and, if so, whether such review resulted in negative findings
    • BMSS participates in the AICPA Peer Review Program and has passed every peer review. Our last peer review was dated November 6, 2014

If you have any questions or concerns regarding your employee benefit plan audit or if you would simply like more information about receiving a quality audit, please contact one of the EBP Audit professionals Barfield, Murphy, Shank & Smith LLC at (205) 982-5500.

Written by Jaime Sweeney, Senior Manager, Barfield, Murphy, Shank & Smith, LLC

What is keeping your employees awake at night?

shutterstock_171835172A recent survey finds that 62% of Americans are losing sleep over at least one financial problem, and the most common worry? Retirement savings.

According to a 2015 CreditCards.com report, people are up counting sheep at night concerned about some serious money issues.

  • The most common money fret is saving enough for retirement; two in five Americans say this keeps them up at night at least occasionally. People between the ages of 50 and 64 are the most concerned (50% said they fret about their retirement savings – or lack thereof – in the wee hours).
  • The second-biggest concern is educational expenses. This time, it’s younger adults who are the most troubled. 50% of 18-29 year-olds are losing sleep worrying about how they’re going to pay for educational expenses (much higher than the 31% of the overall population who have this fear). Student loan repayment is a sincere, honest concern for young Americans. Trent Grinkmeyer had a great article recently for parents of young children with ways to save for their college education. It seems as if more parents had saved and prepared 20-25 years ago, there would be a lot more people sleeping well tonight.
  • 29% of Americans are losing sleep because of healthcare/insurance bills, 27% because of their ability to pay the monthly mortgage/rent and 21% because of credit card debt.One thing that all of these concerns have in common is that they can be solved, or at least lessened, with proper planning. Working with a qualified financial advisor to assist your people with financial topics such as budgeting, debt reduction, and retirement readiness, can make the difference between a well-rested, alert workforce and groggy, stressed-out employee population.

 

Source: http://401kspecialistmag.com/401ks-as-a-sleep-aid-retirement-savings-keeping-clients-up-at-night/

 

Jamie Kertis, AIF®, QKAjamie kertis headshot
Retirement Plan Specialist
Grinkmeyer Leonard Financial
1950 Stonegate Drive / Suite 275 /Birmingham, AL 35242
Office: 205.970.9088 / Toll-Free: 866.695.5162
www.grinkmeyerleonard.com

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Friday Funny {May 5, 2016}

Bk0X2xhCIAAlT8AThis week’s Friday Funny isn’t as funny as it is true.

Jamie Kertis, AIF®, QKAjamie kertis headshot
Retirement Plan Specialist
Grinkmeyer Leonard Financial
1950 Stonegate Drive / Suite 275 /Birmingham, AL 35242
Office: 205.970.9088 / Toll-Free: 866.695.5162
www.grinkmeyerleonard.com

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You cannot spell HERO without HR

hr2.jpgIt is not often when I am really caught off guard by a remark, but recently while attending a panel style discussion lead by three Human Resource Managers that also serve as 401(k) Plan Sponsors, one of them made a comment that threw me for a loop. She said, “People don’t realize what a lonely job being a Human Resource Manager can be.” She went on to elaborate on the fact that few, if any, members of a company can really appreciate all that the HR professional has to do throughout the day. The rest of the panel members agreed and listed off a myriad of tasks from personnel manager to staffing firm to marriage counselor that most members of human resources serve as besides their official written job description. In an effort to bring others into your personal world or to at least garner a better appreciation for what you do, here are a few much easier said than done ideas for HR professionals.

  1. Find a sidekick– The HR workforce is full of superheroes; and superheroes never need for help, right? Wrong! We all know that Batman had Robin and Wonder Woman had Wonder Girl. Therefore, it is so important that you finds an individual either within the organization or outside to assist with the tasks that you are too busy to tackle to help you free up some time to continue saving the world (or at least your company). Look to your advisers and product providers for resources that they can provide to help you do your best work.
  2. Ask for help – One of the hallmarks of an awesome HR professional is the level of care and selfness that they often exhibit; often to the point that they do not want to appear overwhelmed for the fear that they might burden another employee. However, by not asking anyone for help, you may be creating unnecessary work and/or stress for yourself down the line. Asking for help can also be a great way to involve those valued individuals who report to you by allowing them some extra responsibility.
  3. Delegate more – Delegating is the hardest task for me personally, since I like many hard-working professionals, think my way is often the best way. Recently though I have come to the realization that done beats perfect every time and my way isn’t necessarily the only way. While it is extremely important that tasks get done to your standards, it is also important that items that you do not love to do or are too busy to complete get done as well. Figure out the items that you can let go to free up time to do what you do best.
  4. Say “No” – While you may not be able to say no to the employee standing at your door or your boss demanding an immediate response to an email, there are ways to say little no’s throughout the day. Thinking of saying no to things like checking Facebook every 15 minutes or sitting in on a weekly meeting that does not impact the way you do business as a way to free up time. Also, consider turning your email off for an hour a day as a way to focus on completing outstanding projects. If you are one of those HR superheroes who feels like they could use a sidekick, I would love to talk to you about ways to find advocates and to ask for assistance. As a HR professional, you do so much for your company; isn’t it time for someone to help you?

 

Jamie Kertis, AIF®, QKAjamie kertis headshot
Retirement Plan Specialist
Grinkmeyer Leonard Financial
1950 Stonegate Drive / Suite 275 /Birmingham, AL 35242
Office: 205.970.9088 / Toll-Free: 866.695.5162
www.grinkmeyerleonard.com

Contact Jamie

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