INDUSTRY Resources

Is your Employer protecting the privacy of your 401(k) participant data?

Expect no privacy of your personal data in your 401(k), as Wall Street continues to rip off 401(k) participants through the charade of “Service Provider”, while acting as Product Peddler to fatten their profits. Many employees are confident that their health records are kept private, because the Health Insurance Portability and Accountability Act (HIPAA) ensures that strict rules are followed by all those who handle these records.

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There’s more to relationships than networking

Willy Loman never did understand that there was more to success than being liked.

A couple of years ago I was asked to give a talk on networking. I asked the organizer, why me? I believe networking as taught by many business gurus and commonly practiced in today’s marketplace is little more than professional panhandling. She snapped back, that’s exactly why we want you to give the talk.

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What is Rochester’s advantage? It’s our people

I was talking to Tony DiBarnaba the other day about the company he founded 20 years ago. Benefit Resource employs 100 in a new, 30,000-square-foot corporate headquarters in Henrietta. Benefit Resource pioneered, and is a leading provider of, company-sponsored tax advantage commuter and health plans using debit cards. In addition to the corporate headquarters, it has offices in New York, Boston, Chicago and San Francisco. DiBarnaba told me that more than 75 percent of his of his business, and most of its growth, is from outside of Rochester.

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Move over GASB 45, here comes GASB 75​

In 2008 the Governmental Accounting Standards Pronouncement number 45 (“GASB 45”) went into effect. Since then we’ve seen some changes in actuarial practice, but no significant changes to the accounting guideline itself. But with 2017 that changes, as GASB 45 is being eliminated and replaced with a new standard, GASB 75.

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Avoid Unwanted Surprises With Quality Benefit Plan Audits

The U.S. Department of Labor conducted a 2015 study of the quality of Employee Benefit Plan (EBP) Audits for the 2011 filing year. They looked at who audits EBPs, the size of CPA firms performing them, the proportion of each CPA practice devoted to them and the overall quality of audits performed. In doing so, they found that 61% of the audits performed were in line with Generally Accepted Auditing Standards (GAAS). However, 39% of the audits contained major deficiencies which could jeopardize plan qualification and result in rejection of Form 5500.

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CURRENT CUSTOMERS

Brian J. Schiedel

Principal – Retirement Plan Consulting

Brian Schiedel is responsible for monitoring daily valuation recordkeeping services, ensuring that transactions meet strict procedural guidelines, and providing compliance and other consulting services for Burke Group’s retirement plan clients. He serves as the direct Relationship Manager for more than 30 retirement plans.

Prior to joining Burke Group, he obtained his bachelor’s degree in management science from the State University of New York at Geneseo. He has also obtained the Qualified 401(k) Administrator (QKA) designation through the American Society of Pension Professionals and Actuaries (ASPPA).