Name: Darlene Finzer, CPA, QKA, CSA, Director of Benefit Plan Audit Services
Web Site: http://www.reacpa.com/darlene-finzer
Posts by Darlene Finzer, CPA, QKA, CSA, Director of Benefit Plan Audit Services:
- Subscribed to the state workers’ compensation fund
- Was not group-rated
- Reported payroll and paid premiums in a manual classification for which the non-group effective base rate was “inflated” due to application of the group experience rating plan
Countless small businesses, churches and charities in Ohio have learned how sweet justice can be. After a seven-year court battle, an Ohio judge ruled in their favor last week, ordering the Ohio Bureau of Workers’ Compensation (BWC) to pay out $420 million to those hurt by the state agency’s practice of overcharging for workers’ compensation premiums between the years of 2001 and 2008. It was discovered that thousands of businesses, churches and charities across the state were affected and countless business owners and their families found themselves in facing unforeseen debt or battling bankruptcy.
To fulfill its obligation under the settlement agreement, the BWC will create a fund that will be specifically used to pay: claims made by employers found to be participants in the class action lawsuit, attorney fees, court costs, and costs associated with administering the fund. According to the settlement agreement, any unclaimed money will be returned to the bureau.
Can You Make A Claim?
In order to make a claim, you must have been a private, non-group rated employer at some point during 2001-2008 who:
Employers who were non-group rated for at least one policy year between 2001 and 2008 are eligible to claim a portion of the settlement. Eligible employers should have received a notice that indicated their status as class members. Class members are required to submit their claims to Judge Robert McGonagle of the Cuyahoga County Court of Common Pleas. Claims must be postmarked no later than Sept. 22, 2014. More information on this ruling can be found here.
Ohio BWC Claim Help
Need some assistance in determining how this ruling may impact you? Contact Rea & Associates. Our dedicated Ohio business consultants and CPAs can help you make sense of this BWC ruling and help you determine if you are eligible.
Author: Darlene Finzer, CPA, QKA, CSA (New Philadelphia office)
Stay up-to-date on other recent business advice blog posts. Check these out:
Traveling to exotic places. Spending hours on the links. Enjoying time with the grandkids. Supporting philanthropic efforts. While these all might be things you hope to do during retirement, do you have any idea the likelihood that you’ll actually get to do them? Sadly, more and more individuals are finding that they’re not adequately prepared for retirement. According to the Employee Benefit Research Institute’s (EBRI’s) March 2013 Retirement Confidence Survey, 49 percent of individuals surveyed are “not very confident” or “not at all confident” that they’ll have enough income when they hit retirement. That’s an astounding, yet insightful number. How would you answer the question, “How confident are you that you’re prepared for retirement?” If you find yourself in either of the categories mentioned above, all hope is not lost.
For many of you, retirement probably seems light years away. But there may be some of you who are fast approaching retirement age. Wherever you’re at on the retirement spectrum there are practices you can put in place now to move you toward your retirement goals.
Five Practical Tips for Retirement Readiness
- Look at your ability to save and cut corners where you can to save money. Even if your savings goal seems beyond reach or too distant in the future to be of concern now, re-evaluate where you can save and strive for it. Some individuals won’t begin to save if they see the goal as unattainable and set themselves up for failure before they even begin. Just as a tiny grain of sand can form into a pearl within an oyster over time, small steps in saving for retirement can lead you to your goals. Take responsibility to make it happen, and get financial advice if you need some help.
- Determine what you expect your retirement lifestyle to look like. If you dream or envision traveling to those exotic places I mentioned earlier, or perhaps you want to buy a motor home and travel the United States, it’s critical that you have the funds to do it. In theory it sounds like a great idea, but what many people realize upon retirement is that they don’t have enough funds to support these kinds of adventurous or carefree lifestyles. The EBRI survey cited above also showed that seven out of 10 individuals haven’t talked with a financial advisor about their financial situation nor have they put together a plan for retirement. If you want to have a retirement that’s close to what you dream of, put a realistic plan together for what you expect retirement to look like and go after it to make it happen.
- Evaluate your debt. Have you purchased a new car? Is your mortgage paid off? Are you (or are you planning on) paying for your kids’ college education? As you prepare for retirement, it’s important you evaluate your debt situation. Ideally, you don’t want to go into retirement with any debt. Work hard now to pay off debt you may have. It’ll pay off (literally and figuratively) later on down the road!
- Consider what monetary resources you have to pull from. There’s a whole slew of ways you can fund your retirement. Make certain you are taking advantage of any retirement plan your employer offers. Not only does this give you the ability to save for retirement, but many employers will also contribute money for you – do your best to take full advantage of the contribution your employer will make for you. Personal savings and other avenues, such as an Individual Retirement Account (IRA) or investment in property, could be considered. Social security benefits can also be factored in as part of your retirement benefits, but should not be viewed as the only or primary source of retirement income.
- Anticipate medical costs and needs. You may feel fit as a fiddle. But unfortunately for many of us, that feeling won’t last our entire lives. As we get older, our bodies age, and it’s important for us to prepare financially for any potential medical costs or needs we could encounter. Medical costs are one of the more commonly overlooked items when planning for retirement. Knowing your family’s medical history could be helpful when anticipating your future medical costs.
Retirement Planning Help
While these five tips won’t completely solve all of your retirement woes, they’ll help you get in better shape for retirement. Don’t wait until it’s too late. To celebrate National Employee Benefits Day, which is today, start preparing for the retirement of your dreams today. If you need guidance or additional insight on how to best plan for your retirement, contact Rea & Associates. Our team of Ohio tax professionals can help you put together a plan to ensure you’re on a good path to retirement.
Author: Darlene Finzer, CPA, QKA, CSA (New Philadelphia office)
Looking for more advice on retirement planning? Check out these posts:
Do you ever long for the carefree bliss of your childhood? No real responsibility. No bills to pay. No one depending on your performance. While it’s nice to daydream, it’s never going to happen, especially considering the fiduciary responsibility you have as a plan sponsor. Read the rest of this entry “
Your time is precious and you want to use it effectively. The last thing you want to face is multiple requests from auditors that make you feel like you’re running around without purpose. It doesn’t have to be this way. A little preparation on your end will help the process run smoother and give you fewer headaches. Read the rest of this entry “
Every fall, just as we can expect the leaves to change colors and the weather to turn colder and a little dreary, we can also anticipate changes we will see coming in the following year with respect to employee benefit plans. Read the rest of this entry “