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GASB 75 Makes the Wall Street Journal

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The Wall Street Journal recently published an article about the impact of GASB 75 on municipal balance sheets . The estimated nationwide impact will be a $645 billion increase in balance sheet liabilities. The increased attention that GASB 75 brings to Other Post-Employment Benefits (“OPEB”) will lead to increased pressure on municipalities across the country to manage OPEB liabilities. The […]

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15 Aug
OPEB, GASB 74 & GASB 75

What’s the difference between GASB 74 & GASB 75?

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GASB 74 is required for plan level financial reporting while GASB 75 is required for employer or plan sponsor level financial reporting  for municipal entities subject to GASB reporting that offer OPEB (medical, dental & life insurance for former employees & retirees) type benefits. GASB 74 – key issues to consider Are you prefunding your OPEB benefits […]

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14 Aug
401k

Do S-Corporation Distributions count for 401k & Pension Plans?

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S-Corps, Distributions, W-2 Wages, Self-Employment Tax, 401k & Pension Plans & their interaction – it’s all about balance. So, you’ve talked to your accountant & they tell you to minimize your W-2 wages to limit your self-employment taxes. Then, you talk to your investment advisor and they explain the advantages of tax-qualified retirement plans such […]

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13 Aug
401k

Can a LLC member contribute to a 401(k) Plan?

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Generally 401(k) deferrals & contributions are allowed, but there are exceptions. The biggest issue to consider is whether or not the member/owner is providing material services that are income producing for the LLC. Here is the basic checklist or list of things to consider: Under Internal Revenue Code Section 401(c)(1), the IRS states that “employee” […]

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11 Aug

How much does a OPEB or GASB 45/75 valuation cost?

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This, of course, is one of the key questions that a Treasurer, Auditor, Accountant or School Business manager has when they begin researching the costs of GASB OPEB compliance. Here at Odyssey Advisors, I get this question hundreds of times each year from entities large & small. We understand. Price, among many factors, matters. Especially […]

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GE Retiree Health Care Law Suit Dismissed by Judge

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Pay attention to the language in your employee handbook! In summary judgement this week, US District Judge Lynn Adelman in Milwaukee dismissed a suit filed by General Electric (“GE”) retirees claiming the plaintiffs have “not shown that they were cognizably harmed by GE’s fiduciary conduct with respect to the plans.”. In 2012, GE eliminated its […]

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07 Jun
Vanguard How America Saves 2017 based on 2016 Defined Contribution Data - Target-Date funds roll on

Target-Date funds expand their reach in 401(k) plans

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Vanguard Group recently issued their 110 page “How America Saves 2017” report on the behavior of defined contribution plan participants in the plans that they record-keep. The trend toward professionally managed options – primarily target-date funds – continues with 53% of participants using such accounts in 2016 (46% were in a single target-date fund). This is […]

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04 Jun
Euler's Team van - Hood to Coast

Leonhard Euler has fans in the running community

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When traveling for business (or pleasure), I see many things. However, as a mathematics major working as an Actuary, it was a pleasure to come across the Team Euler van from the Hood to Coast race here in Portland, OR. As one who recalls having to memorize Euler’s number to 15 decimal places in 11th […]

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31 May
Prescription Drugs under Medicare Part D

Medicare Part D – High Cost drugs drive up OPEB costs

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So, you’re an employer who generously offers medical benefits to your retirees. If so, you’ve seen prescription drug prices skyrocket over the last several years – increasing by an average of 14% per year from 2011-2015 and continuing through today. Prescription drug spending by retirees enrolled in the Medicare Part D program has been growing […]

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