Compliance Issues with Wellness Programs in 2014

 

Please join the Michigan Business & Professional Association for a Webinar on March 21, 2013 at 2 PM (Eastern Time). This webinar will review all compliance issues with wellness programs in 2014.

 

Space for this Webinar is LIMITED, please reserve your seat now at:
https://www1.gotomeeting.com/register/712560937

 

This Webinar will be approximately 60 minutes in length.

 

This review of the new compliance requirements for 2014 includes:

From this Webinar, you will learn:

• Review of the various wellness programs
• The new requirements for alternatives
• New limits for smoking cessation programs
• Problems with the employer mandates
• Issues with ERISA GINA and ADA

 

This will be conducted by Attorney Larry Grudzien.
Title: Compliance Issues with Wellness Programs in 2014
Date: Thursday, March 21, 2013
Time: 2:00 PM – 3:00 PM EDT
 

 

After registering you will receive a confirmation email containing information about joining the Webinar.

System Requirements
PC-based attendees
Required: Windows® 7, Vista, XP or 2003 Server
 

 

Mac®-based attendees
Required: Mac OS® X 10.5 or newer
 

 

Mobile attendees
Required: iPhone®, iPad®, Android™ phone or Android tablet
 

 

Space is limited. Reserve your Webinar seat now at:
https://www1.gotomeeting.com/register/712560937

With as many as 795,000 Michigan residents soon to be eligible for health care coverage as a result of the 2010 Affordable Care Act (ACA), the Michigan Business and Professional Association (MBPA) is hosting a Health Care Reform Conference. The conference will take place Tuesday, April 9, 2013 from 8:30 a.m. until 1:00 p.m. at the Troy Marriott.

 

“This conference is critical for any business or trusted advisor preparing for the immediate rules related to Health Care Reform. Tax penalties, credits, full-time employee status and health benefits changes will all be covered,” said Jennifer Kluge, MBPA president.

 

The day’s events will start off with registration and networking at 8:30 a.m. A series of interactive educational sessions will include:

• Affordable Care Act Overview: A Breakdown of the Law and What Michigan’s Role is
• Employer Mandates: A Detailed Look
• Elite Employers: What are the Best and Brightest Employers in Michigan Doing to Implement Reform?
• A Look at your Employer Benefits, the Exchange, Doctor Care and Quirky Rules to Adhere to
• Health Care Reform Connect™: A Quick Review of the Tools and Services to Help Navigate Reform
• Expert Roundtable: Today’s Experts Answer Your Questions

 

“With the 2014 deadline for full implementation of this ground-breaking law fast approaching, we thought it would be helpful to develop a conference that summarizes the major provisions, examines the impact on Michigan business, explains the concept of exchanges, offers suggestions about talking to employees and provides information about additional resources,” said Kluge.

 

Association members can attend the conference for $75; non-members for $100. Admission includes all workshops and lunch. For more information or to register, call 586-393-8800 or visit www.michbusiness.org.

 

Based in Warren, Mich., the MBPA is the largest business organization of small to medium-sized businesses in Michigan, representing more than 20,000 members who employ over 160,0000 persons. Members include attorneys, physicians, architects, accountants, construction companies, banks, retail, wholesalers, manufacturers and the like.  Member businesses receive numerous benefits including free legal and financial consultations; discounted technology, automotive and office products; employee training and recruitment assistance; and competitive group insurance rates. The MBPA is a sister association to the Michigan Food & Beverage Association (MFBA).
 

By Marlena Reigh

 

Over the last five years or so networking – that is, meeting other professionals with which to do business – has evolved into making connections in order to build relationships. With the old model, you arrived at an event, passed out your cards to as many people as possible while giving them your best impression of how great your product is, and hoped that some of the tactics would get results. Some people would even rate their success by how many cards they gave away.

 

But now, because more and more people sell the same products or service at comparably the same prices, competition is hot and building relationships is essential. The truth is that what we are selling is ourselves. Our appearance counts for 55% of first impressions and the quality of our voice counts for 37%. Words only count for 18%. Yes, we can be remembered by how we look, but what is even more powerful in being remembered by how we use our voice and how we’ve treated others.

 

One evening I went to a networking event in a different city. In the elevator I had a conversation with a woman. As we chatted, she asked me if I was going the networking event. I answered, “Yes, it’s my first time” in which she then asked me about my business and the kind of clients I was looking for. Tamera (her real name with her permission) was a regular and when we arrived she said, “Let me introduce you to the people I know.”

 

As Tamera took me around the room, she not only introduced me to others but also mentioned my expertise to each person. She used her voice in an enthusiastic and engaging way that opened up conversations. Her posture and eye contact were strong and confident as though I was someone special and they were special too, yet she was genuine. I felt Tamera was part of my team. It turns out she knew just about everyone there. In my eyes Tamera was a star, a people connector. She gained my admiration, respect, and I wanted to get to know her better so I could be on her team too.

 

That day I left the event truly inspired to take networking to a higher level. Building connections through helping others build connections, not by only introducing them, but by sharing what I know about them. Someone who others could count on as a connector and resource; Someone to be remembered and with which to stay connected.

 

7 Tips On How You Too Can Be A Networking Star:

1. Before the event warm up your voice and practice out loud.
2. Think of yourself as the host of “the party” making sure everyone is having a good time including you.
3. When you meet people look for ways to connect them to others.
4. Make networking about the other person. Talk less, listen more.
5. Have a voice that is genuine and truly interested in helping others.
6. Take risks. Meet at least five new people at each networking event.
7. If you see someone who is alone, introduce yourself and then introduce him or her to others.

 

In networking the goal is to increase your sphere of influence, helping others, increasing the opportunity to improve lives with your products, and assisting in more prosperity and success for all.

 

By the way, because of this encounter I got a radio interview, contracted a new client and secured a presentation, which Tamera attended and I, then, could acknowledge her to the audience thus giving her the kudos she deserved.

 

Marlena Reigh, international voice image specialist since 1992, teaches unique, effective and powerful voice communication techniques which are critical in getting results in any speaking situation. www.MarlenaReigh.com 2359 Prairie Street, Ann Arbor, MI 48105 Marlena@marlenareigh.com (734)395.3553

 

©2013 M. Reigh Radiant Communications  

By Robert J. Reaume
REBC, RHU, CLU, LIC

 

February 2013 – Surprisingly, few business owners understand the importance of establishing Buy & Sell Agreements (BSAs). Generally, people do not like to think of a future that does not include themselves, or a business partner, but this is an issue that prudent entrepreneurs ought to address before tragedies occur. It is important that a business be protected in case of an accident or illness and that the business has solid and unquestioned leadership in place, along with a sound succession plan.

 

Indeed, no business owner wants to have a disabled partner, or be in business with a partner’s spouse. This is one prime example of where buy-sell agreements come into play. In many cases using BSAs can be one of the most effective ways to protect the value of a business investment and ensure the continued operation of the business.

 

A BSA allows a business owner to transfer the full market value of their business interest to their appropriate heirs. The BSA maps out what will occur with the ownership of the business in the event of a voluntary or involuntary termination, a premature death, a disability, or retirement of one of the owners. Even when agreements are in place, often times they have never been funded with insurance products. A “funded” BSA ensures that there will be sufficient assets available to make certain that a smooth and timely transition will occur.

 

Ownership transition can be handled in an efficient manner if a BSA is in place.  In essence it is a determination that is made as to what will happen if one of these events should occur. The decisions are made before such events occur, while all parties involved are healthy and in a stable state-of-mind to make rational decisions. Any BSA that is established should be designed to guarantee that a fair and reasonable price for the business interest will be paid out to the appropriate parties.

 

In most instances, a BSA will create a pre-arranged market, price, and payment terms for the sale of a business interest. Most businesses have limited market potential and value. Additionally, few businesses have the cash on hand to pay out the value of a deceased partner’s equity. Loans are an option – but interest on the loan will add to the cost, and as we have seen recently, loans may not be readily available in certain market downturns when banks are not willing to loan money, especially to a business that has lost an instrumental owner.

 

Such pre-arranged sales will often result in the best financial outcome for all of the owners. This occurs because the options without the existence of a funded BSA may result in a forced sale, hostile takeover, closure of the business, or some other form of liquidation.

 

There are many examples of how buy-sell agreements can ensure appropriate financial value and significant peace-of-mind. One of my clients suffered a tragedy when its majority owner unexpectedly passed away. Because the buy-sell agreement was in place, and funded, the three minority partners were able to acquire the majority owner’s share of the business, and the deceased shareholder’s estate received the fair market value of his equity in the company.

 

During this difficult time, the owner who was dying of cancer, and his spouse, had the confidence and security in knowing that she would receive the full market-value of his interest and the money would be available in a lump sum paid out over a short period of time.

 

Additionally, we had in place a “Key Employee” life policy on the majority shareholder. This helped the company pay off a large corporate loan and survive during the difficult economic environment in Michigan (the company was a supplier to the automotive industry) during 2009. In this situation, the business successfully transferred ownership to the appropriate parties without large, on-going payments, and the surviving shareholders ended up with a business that was debt-free. The surviving shareholders said that having a funded buy-sell agreement was the most prudent business decision they had ever made.

 

The key to the above mentioned scenario was that the agreements were “funded.” Business owners need to be aware that such agreements need to be funded with life and disability insurance. These decisions that management makes to secure the future of such a business are critical.

 

These agreements can be funded with term or permanent life insurance. A benefit of term insurance is the low cost of the policies. However, the period of time that the policy will last will eventually expire. A benefit of permanent (cash value) life insurance is that the funds accumulated within the policy can be used for emergencies, capital requirements during difficult markets, supplemental retirement income, or ultimately to assist in the purchasing of a retiring partner in the likely event that death did not occur. Additionally, if the business is sold, the owners can take these policies with them for their personal estate planning.

 

It is best to work with your business and insurance advisors to determine how the BSA plan should be set up. Business, tax and legal issues must be addressed, such as the type of BSA, future growth of the business, operational issues and future sale of the business.

 

A properly designed BSA can not only assist in the transfer of a business entity to a deceased partner’s beneficiaries, but can also add to the investment (basis) of the surviving partner’s equity so that a subsequent sale of the business will result in lower taxes that are owed. Most importantly, a properly designed and funded BSA will result in peace of mind – not only when it is completed, but in anticipation of its execution.

 

The ultimate goal of a BSA is to provide a high level of protection and financial security to business owners, stockholders, and employees. It can be a particularly effective tool to help protect the interests of family-owned businesses.

 

Robert J. Reaume, REBC, RHU, CLU, LIC, is the owner of The Reaume Company, a Beverly Hills-based insurance, wealth management and employee benefits firm.