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Summer / Fall 2017
health. wealth. life.
In Pursuit of What Matters Most.
contents 3
A Letter from Terry Horan, President & CEO
HOR AN EDUCATION SERIES August 22
EDUC AT ION
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The Basics of Prescription Drug Benefit Management HORAN’s Medicare & Individual Health Benefits Team Celebrates 10-Year Anniversary A Coffee a Day Keeps Retirement Away
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September 6
Medicare & Social Security Seminar - Cincinnati
September 13
CFA Q&A Estate Planning Blunders of the Rich and Famous
Medicare & Social Security Seminar - Cincinnati
September 13
Why Vampires are Wealthy
COMMUNIT Y
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HORAN Innovation Series Roundtable - Cincinnati
HORAN Health Management Roundtable - Columbus
September 20
HORAN in the Community
Medicare & Social Security Seminar - Cincinnati
WELLNESS WORKS HORAN Reveals 2017 Health Management Best Practices Survey Findings
October 11
HORAN Health Management Roundtable - Cincinnati
CL IEN T FE AT URE
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Client Spotlight: Cincinnati Arts Association
Please join us in welcoming our new corporate clients! - Beacon Orthopaedics & Sports Medicine - Campbell County, Kentucky - City of Wilmington, Ohio - Columbus Arthritis Center - Dressman Benzinger Lavelle psc - Fuyao Glass America Inc. - Gerner & Kearns Co., LPA
- Hillenbrand Inc. - Inland Marine Service - Phillips Edison & Company - The BMW Store - The Brand Experience - Weller Health Transitions - Woolpert
Cover: The images on the front and back cover represent Music Hall’s 140 years as a regional icon. The front cover shows Music Hall in 1879 and the back cover is a rendering of what the facility will look like for its Grand Opening in October 2017. Front Cover Credit: By D.J. Kenny (Cincinnati Illustrated) [Public domain], via Wikimedia Commons
Look for us online!
Visit the HORAN Newsroom at www.horanassoc.com to view the online version of health.wealth.life. |2|
In Pursuit of What Matters Most. Thank you for taking the time to read our HORAN magazine. You will find several interesting articles in the magazine to help you accumulate wealth and improve your health. Our front and back cover features Cincinnati Music Hall which is soon to reopen after extensive renovation and renewal. We are all looking forward to seeing the changes made to improve the audience experience. Additionally, we spotlight our long and enduring relationship with the Cincinnati Arts Association. I hope you will take time to read about their impact on the Arts in the region. Enclosed you will find a postcard with three trivia questions pertaining to the Cincinnati Arts Association. Find the answers to these questions, fill out the postcard and mail it back to us for a chance to win tickets to a Cincinnati Pops concert! Nate Epp joined our Medicare and Individual Health Benefits planning team in the last few months. The work of that team is extraordinary. If you or anyone you know needs help navigating the complexities of Medicare, call them. They provide sound advice and guidance. Two of our young stars at HORAN Capital Advisors are sitting for the exams to obtain their Chartered Financial Analyst® designation. Matt Woebkenberg and Matt Antenucci explain the process and the importance of this coveted designation in a great Q&A piece. You will find other articles on prescription drug benefit management, estate planning and our summary of the 2017 HORAN Health Management Best Practices symposiums held in April of this year. All in all, great summer reading. I look forward to your input on topics and ideas so we can continue to make this magazine relevant for you. Most sincerely,
Terence L. Horan, CLU, ChFC President & CEO of HORAN TerryH@horanassoc.com
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A letter from Terry Horan
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education VE TI N A V IO NO LUT N I O S
The Basics of Prescription Drug Benefit Management
Pharmacy benefits are quickly becoming one of the most expensive budgetary line items for employers. Over the last three years, prescription drug costs increased an average of 11% year-over-year compared to medical costs which have averaged increases closer to 7% annually in the same span according to the 2017 Segal Health Plan Cost Trend Survey. Many factors contribute to compounding pharmacy costs including the increase in price and usage of specialty drugs (prescriptions treating rare and chronic diseases). As a result, prescription drug benefit management is becoming a larger topic of conversation with our clients during strategic planning and benefit utilization reporting. Prescription drug benefit management is the development of a pharmacy benefit strategy to achieve cost containment (or savings) and produce cost transparency. Many considerations need to be taken into account when developing a prescription drug benefit strategy which require the guidance of a consultant such as HORAN. Strategies include: • Establishing a streamlined approach to bidding. • Developing appropriate contract language. • Identifying margin areas for cost savings. HORAN’s expertise paired with access to best-in-class technology, cost-transparency tools and partnerships with third-party experts has produced, in some cases, as high as a 25% cost savings for our clients. There is no one-size-fits-all option to magically obtain double-digit savings. We work with clients individually to see which program is best suited for their organization. The actions we have taken and found to be the most effective in achieving cost savings include: • Negotiating how prescription drug rebates and discounts are handled. • Conducting contract audits. • Reviewing performance guarantees. • Establishing drug formulary levels. • Evaluating cost containment pharmacy programs.
TERMS TO KNOW
After taking these steps to help our clients, they have a deeper understanding of the options available. This allows our clients to make more informed decisions in their efforts to obtain a higher level of cost containment. The rise of prescription drug benefit management strategies are completely changing the face of traditional benefits. We will continue to monitor the new trends, resources and technology emerging in this growing and complicated field.
Judi McKie
Vice President, Benefits Consultant
health. wealth. life.
Mikal Jeffries, CEBS
Pharmacy Benefit Manager (PBM): Administers the distribution of prescriptions, negotiates fees and costs and manages the preferred drug list. Carve-In: Employer contracts directly with the medical health plan vendor for medical and pharmacy benefits. Approach can apply to both fully-insured & self-funded plans. Carve Out: Employer contracts directly with a PBM vendor to administer its pharmacy benefits program.
Benefits Consultant
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HORAN’s Medicare & Individual Health Benefits Team Celebrates 10-Year Anniversary HORAN’s Medicare and Individual Health Benefits department i s c e l e b r a t i n g i t s 10 year anniversary marked by service delivery excellence and significant growth. Led by Chris Mihin, Director of Medicare and Individual Health Benefits at HORAN, the team uses a personalized approach to help clients understand Medicare and individual health benefits to select the option that best fits their needs. Education is a critical component of how Chris and the department delivers value to clients. HORAN partners with employers in order to provide group education sessions that
educate employees on the available Medicare options. This year HORAN has delivered 34 Medicare seminars. Future sessions have been scheduled to educate Medicare candidates during the open enrollment season including a special series on Medicare & Social Security. See below for more information. Additionally, HORAN meets one-onone with individual clients to find the best fit for their health care needs. As part of HORAN’s continued commitment to providing outstanding service and results to its growing list of clients, we are pleased to announce that Nate Epp has joined the Medicare and Individual Health Benefits team as an Account Executive. Nate joins Chris, Heather Bellau and Sherry Weaver in the department’s
mission to simplify the Medicare selection process by exploring all options for the client and helping them to determine which option will best suit their health insurance needs. Nate is responsible for providing education and expert analysis for clients who are eligible for Medicare and clients in search of individual and family health plans. “In my opinion, being knowledgeable, caring and trustworthy are the key attributes of a great agent and the ideals that I strive to get better at every day,” says Epp. Nate has served in the insurance industry since 2006. Prior to joining HORAN, he worked at Anthem serving in both sales and management roles. Most recently, Nate was the principal owner of Epp Insurance Consulting. If you are interested in having HORAN educate your employees on their Medicare options or provide individual Medicare consultation, please contact Chris Mihin at 513.794.2960.
Nate Epp
Account Executive
Join HORAN for an upcoming session that will help you make informed choices relating to Medicare & Social Security. SEPTEMBER
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6:00 to 8:00 p.m. HORAN Corporate Headquarters 4990 East Galbraith Road Cincinnati, Ohio 45236
SEPTEMBER
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6:00 to 8:00 p.m. HORAN Corporate Headquarters 4990 East Galbraith Road Cincinnati, Ohio 45236
SEPTEMBER
20
6:00 to 8:00 p.m. HORAN Corporate Headquarters 4990 East Galbraith Road Cincinnati, Ohio 45236
Visit www.horanassoc.com/education/seminars to register for the session that best fits your schedule.
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education
A Coffee a Day Keeps Retirement Away Boosting Participant Savings Rates and Confidence
A recent survey suggests that nearly two-in-five Americans report having too many expenses to save for retirement. Other reasons given for not saving include debt, not having a good enough job and “haven’t gotten around to it.” Only 5% of working Americans say they did not need to save more for retirement, according to the same survey.* With these sobering statistics in mind, what can a plan sponsor do to promote financial wellness with their employees? Employees have present-day concerns that they prioritize over saving for retirement, which seems far away when credit card and student loan payments are due. Here are a few tips you can share with your employees to help them prepare for retirement.
Skip the daily $4 latte. What does an extra $1,200 per year look like?1 $349,100
$149,035 $58,902 $7,348 5 Years
$18,295 10 Years
20 Years
30 Years 40 Years
1. Assumes 8% annual rate of return compounded. The illustration is hypothetical and intended for illustrative purposes only. The results do not represent the performance of any investment and rates of return will vary over time depending on market conditions.
health. wealth. life.
1. High-interest debt should be paid off first. A simple way to do this is to gather statements for all accounts, compare the interest rate for each and put the most amount of money each month toward the highest rate. Continue paying off each debt until the lowest interest rate items are cleared up. 2. Analyze monthly spending to uncover small amounts that can be put aside for the future. What is the cost of coffee? Skip that $4 latte each day and put the money in an IRA. Watch your savings grow to up to $1,200 a year! 3. An emergency fund should be created with the goal of saving six months of living expenses. This cushion allows for peace of mind and prevents the need to dip into retirement savings when a crisis arises. HORAN Retirement Advisors (HRA) offers clients many solutions to help their employees on the path to great retirement outcomes including quarterly proactive communication, the HORAN Financial Resource Center, group and one-on-one financial education and partnerships with plan providers. Please contact a member of the HORAN Retirement Advisors team to learn more about how we can help you obtain a financially healthy workforce—resulting in less stress, increased productivity and lower health care costs. *The survey was conducted by Princeton Survey Research Associates International by telephone interviews with a nationally representative sample of 1,003 adults living in the continental United States.
Rachele Wolf
Senior Account Manager
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CFA Q&A
The Chartered Financial Analyst® (CFA) designation demonstrates mastery of investment analysis and decision-making skills in the global investment management profession. It’s also one of the most-challenging credentials to obtain in the industry.
Matt Antenucci
Matt Woebkenberg
Investment Associate
Investment Associate
Matthew Antenucci and Matthew Woebkenberg, Investment Associates at HORAN Capital Advisors, both embarked on a journey a few years ago to join the network of 135,000 worldwide CFA charterholders. The program consists of three levels of examination. Each level has a different focus: • Level 1 – Investment Tools • Level 2 – Asset Valuation • Level 3 – Portfolio Management There is a high-degree of difficulty in passing each level. In 2016, 43% of candidates passed Level 1, 46% passed Level 2 and 54% passed Level 3. The CFA Institute estimates that CFA candidates put in approximately 300 hours of study time per level. We sat down with Antenucci (passed Level 2 as of July 25, 2017) and Woebkenberg (currently a Level 3 candidate) to discuss their CFA candidate experiences.
Q. What is the value of the CFA charter? Matthew Antenucci (MA) – Completing the CFA program is a great way to build your skills while you are working towards portfolio management. My goal is to be a portfolio manager one day and getting the CFA charter is one way for me to accomplish that goal. Matthew Woebkenberg (MW) – The CFA is a good way to quickly learn whether or not you are sure you want to pursue a portfolio management career track. The CFA designation shows some level of dedication to your craft, your job and continuous learning.
Q. Why did you decide to pursue the credential?
Q. How do you prepare for the exams?
MA – Mark Bennett, David Templeton and Todd Poellein (HORAN Capital Advisors associates) speak highly of the CFA program. There’s no substitute for experience but it’s a great opportunity to get exposure to a broad range of topics within the industry early in your career.
MA - The exam is in June so ideally you would begin studying in January; it takes about six months to prepare.
MW – It’s a designation held by a lot of prominent professionals in our industry so it’s clear that it’s a valuable designation. What we learn will enable us to deliver legendary service to clients in the future.
Editor’s Note: Woebkenberg was awaiting the results of his Level 3 exam at the time of publication.
Q. What is it like to wait for the results?
MW – The CFA is a selfstudy program. Part of the challenge is finding the motivation to stay late after work and come in on weekends to study. You are kind of on your own—on an island a little bit. There is no one guiding you through the process.
THERE ARE 135,000 CFA CHARTERHOLDERS WORLDWIDE
MA – You receive your results six weeks after you take the Level 1 and Level 2 exams and eight weeks for Level 3 because there are essays. There is a brief period of relief after you take the exam, but you start to think about it a little more as the results day gets closer. MW – The morning of is always very interesting. You are just waiting at your computer refreshing it constantly until 9 a.m. when the results are released.
Q. What have you learned from the process other than the material? MA – You have a lot more time in the day than you think you do and can accomplish a lot more if you are efficient with your time. MW – I started studying right after I finished college. It’s a good way to transition into being on your own after school ends. There is no one behind you pushing you along—you have to get from point A to point B on your own.
CFA FAST FACTS APPROXIMATELY 300 HOURS OF STUDY-TIME ARE RECORDED PER LEVEL
43% CANDIDATES PASSED LEVEL 1; 46% PASSED LEVEL 2; 54% PASSED LEVEL 3 IN 2016
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education
Estate Planning Blunders of the Rich and Famous We secretly love it when the rich and famous make poor life choices – how else would gossip magazines survive? But have you read about some of the poor estate planning choices they make often resulting in court battles and outrageous expenses? The following article will cover a few estate planning horror stories and how to avoid similar dramas when planning for your family. Real estate tycoon and “Queen of Mean”, Leona Helmsley’s estate plan deserves some attention. Helmsley’s relationship with her family was toxic. She decided to leave $12 million to her dog, curiously enough named Trouble, and cut out her two grandchildren. The family did not see the humor in this and sued the estate. A judge agreed with the family and reduced the dog’s share of the estate to $2 million and gave $6 million to the two grandchildren. Lesson learned: if the court thinks your estate plan is dog sh**, they might change it. Warren Burger’s plan was the opposite of what you would expect from a Supreme Court Chief Justice. Ignoring the wise words of Abraham Lincoln, “He who represents himself has a fool for a client”, Burger wrote the plan himself in 176 words. The will outlining his final wishes cost the estate about $450,000 in estate taxes it did not need to pay. Lesson learned: a good lawyer is worth consulting when trying to outline your last wishes. Don’t be cheap—it may have expensive outcomes. Pablo Picasso did not bother to execute a will. He left an estate, primarily comprised of 45,000 pieces of art valued at $31 million in 1971 ($173 million in current dollars). Legal battles over Picasso’s estate have so far required the talents of 19 lawyers, an enormous tax payment to the country of France and years of uncertainty. The heirs continue to battle over the rights to the Picasso name. Recently, Pop music icon Prince died with an estate of approximately $300 million. He too failed to execute a will. The costs of this blunder will likely rival Picasso’s.
health. wealth. life.
Lesson learned: if Picasso had executed a will his assets could have been divided accordingly. There would be a clear direction for the intent of his estate. His situation could have been resolved with less rancour and expense. Every person should at least have a will. This is particularly true if you own property, are married, have entered a civil partnership or have a long-term partner or need to name guardians for your children. Tom Clancy’s estate offered a clear and present danger of attorney fees, delays and publicity. When he died, his estate was valued at approximately $83 million. Clancy established trusts for the four children from his first marriage, his second wife and the child of his second marriage. But, oddly, he did not fund the trusts he created during his lifetime; therefore, his assets were subject to probate and annoying publicity. The trusts were also unclear as to who should pay the estate tax. This led to a two-year court battle with the outcome being that the children from the first marriage paid the bulk of the $11 million from their one-third share of the estate in taxes. Lesson learned: blended families need special care and attention when dividing assets. Additionally, even artfully penned trusts lose value if not used correctly. Clancy did not research all of the uses and benefits of trusts with the same diligence he used in crafting his best sellers.
Terence L. Horan, CLU, ChFC President & CEO
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Why Vampires are Wealthy One summer in high school I spent my lazy free-time reading vampire novels by Bram Stoker and Anne Rice. Years later I would read works by Charlaine Harris and, I am embarrassed to say, Stephanie Meyer of the Twilight series fame. While I would not say I am a vampire fanatic, I find it to be an entertaining genre. I was therefore a bit too excited when a client said “that’s why vampires are so rich!” when discussing compound interest. While some telepathic ability to pick stocks or rob victims might be handy, the true source of your average vampire’s wealth is time. Your time horizon is infinitely long when you are immortal. Assets can grow and grow forever. In reality it is all too true that, as John Maynard Keynes said, “in the long run we are all dead.” Our long-run is finite but we can still harness the power of time.
We have all heard that it’s best to start saving for retirement when we first start working. But what if you haven’t? What if you got a late start and your time is now limited? I recently gave a lecture to the Cincinnati Bar Association about retirement planning and looked at savings starting at 40,
50 and 60. I assumed maximum 401(k) contributions made at the end of each year up to retirement at age 70. The maximum for 2017 is $18,000 plus a $6,000 catch-up for those 50 and older. I also assumed a conservative 5% growth rate. If you start at 40, you will have saved $660,000 which will have grown to $1,488,010. If you start at 50, you will have saved $480,000 which will have grown to $857,262. If you start at 60, you will have saved $240,000 which will have grown to $340,963. Even a late start can produce real money. Einstein is said to have called compound interest the most powerful force in the universe. Its power increases with time.
The more time you have the greater the opportunity for your investments to grow. But even a smaller period of time can be beneficial. If you have got a late start, it is important to begin as soon as possible and make use of the time you still have. Even if you are not a vampire, you too can build wealth.
Anna Pfaehler, CFP® Director of Financial Planning
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community
HORAN IN THE COMMUNITY HORAN Supports Wright State University ArtsGala
The Wright State University ArtsGala fundraises to support scholarships for students in the fine and performing arts programs at Wright State. This year’s event raised nearly $200,000 for student scholarships. HORAN is proud to support our valued client, Wright State University, and will continue to support the arts throughout the region.
Julie Tople, Account Manager at HORAN, Participates in Honor Flight with Area Veterans
Julie Tople, Account Manager, and her husband, John, had the opportunity to be guardians for two area veterans, Jerry and Bob Kaufman, during an Honor Flight to Washington D.C. Honor flights offer veterans the opportunity to be flown to visit their memorials in Washington D.C. Jerry Kaufman served with the Navy SEABEES during the Vietnam War and Bob Kaufman served in the Air Force between the Korean and Vietnam Wars.
Jennifer McCormick and Cheryl Mueller Graduate from Leadership Dayton & Leadership Dublin
HORAN congratulates Jennifer McCormick, Account Manager, and Cheryl Mueller, Vice President, Central Ohio on graduating as a part of the Class of 2017 from Leadership Dayton and Leadership Dublin, respectively. The programs are coordinated by the areas’ chambers of commerce to educate and inspire leaders in the community.
health. wealth. life.
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HORAN Employees Participate in Rock the Block Walnut Hills 2017
HORAN partnered with Habitat for Humanity of Greater Cincinnati and Walnut Hills Redevelopment Foundation for Rock the Block Walnut Hills 2017 on Saturday, June 17. Employees and their family members worked together to conduct exterior home repairs such as yardwork and painting as a part of the day. The Rock the Block Walnut Hills project serviced approximately 20 exterior home repair sites. Hundreds of volunteers of all ages including Walnut Hills neighbors and homeowners worked together to repair and beautify homes.
Boys and Girls Club of Dayton Hosts Drive For Hope Event
The Boys and Girls Club of Dayton’s mission is to inspire and enable all young people, especially those who need us most, to reach their full potential as caring, productive, responsible citizens. The Boys and Girls Club of Dayton hosted the Drive for Hope event on Friday, February 3, 2017, in support of the renovation of their pool and the launching of the swim safely program. Cheryl Mueller, Vice President, Central Ohio, serves as the Chair of the Finance Committee for The Boys and Girls Club of Dayton, and was able to represent HORAN at this great event.
Terry & Christy Horan Co-Chair Catholic Inner-City Schools Education Fund Campaign
Catholic Inner-City Schools Education Fund (CISE) works to transform the lives of children by providing access to a strong Catholic education at designated inner-city schools and Catholic high schools. Terry Horan and his wife, Christy, are serving as co-campaign chairs along with Andy Hawking, BB&T’s regional president for Greater Cincinnati/Northern Kentucky, and his wife, Tina, for the 2017 CISE Campaign. A kick-off celebration will be held on Monday, August 21, 2017.
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wellness works HORAN Reveals 2017 Health Management Best Practices Survey Findings
H
ORAN conducted its second Health Management Best Practices Survey in January 2017, the region’s only comprehensive workplace wellness survey.
The key findings from this year’s survey were presented at two symposiums held for clients, partners and friends of the firm. The first symposium was offered in Cincinnati on Wednesday, April 5, at Xavier University’s Cintas Center. The second was held in Dayton on Thursday, April 6, at the Dayton Racquet Club. The Cincinnati symposium began with a keynote address from Joe Piscatella, one of the country’s most respected experts on how to live a healthy lifestyle. The keynote speaker in Dayton was Teri Nikolai Wilson, Employees First Wellness Program Manager at CareSource, a nationally-recognized nonprofit health plan headquartered in Dayton.
KEY COMPONENTS Leadership and Culture
Health Awareness and Participation
Marketing and Communication
Spousal Inclusion and Incentives
Metrics to Track Progress and Success
health. wealth. life.
This year, 155 employers responded to the survey representing more than 100,000 employees from 18 industries. The survey findings provided a wealth of knowledge and insight into wellness best practices, trends and challenges. The objective of the survey was to answer two questions:
1. What are the emerging themes that are evolving in Health Management? 2. How do employers achieve results? The survey results provided a deeper understanding of key wellness plan components, wellness plan incentives and plan participation for both employees and spouses. The top wellness activities for all employers included biometric screens, health risk assessments, preventive exams, wellness challenges and wellbeing activities around financial wellness.
YEAR-OVER-YEAR DATA offer an incentive for biometric screen 73% of participants (up 7% from last year) of participants offer an incentive for an annual 57%preventive exam (up 8% from last year)
36%
of participants offer an incentive for non-tobacco (up 4% from last year)
offered an outcomes-based incentive 27% of participants (up 1% from last year)
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The most common incentives to drive participation were premium discounts, health savings account contributions and gift cards. For the second year in a row, the top two objectives for a wellness program continue to be improving the health and wellness of employees and stabilizing or reducing the cost of health care. HORAN recognized six employers for having best-in-class wellness programs at the end of the program. The honorees were Ohio Valley Flooring, RelaDyne, Greenville Technology, Inc., VonLehman CPA & Advisory Firm, Perfetti van Melle USA and Empire Marketing. More information about the HORAN Health Management Best Practices Survey can be found at www.horanassoc.com or by contacting Rakel Sanchez or Scott Silver, HORAN Health Management Directors, at 513.745.0707.
HORAN HEALTH MANAGEMENT ROUNDTABLE SERIES HORAN is hosting a series of Health Management roundtables to build onto the symposiums. Participants will hear directly from representatives of best-in-class wellness programs at each session. Roundtables were held in Dayton and Kentucky earlier this year. To register for the Columbus or Cincinnati roundtables go to www.horanassoc.com/education/seminars.
Upcoming Roundtable Dates September 13 - Columbus October 11 - Cincinnati | 13 |
client feature
HWL • CLIENT FEATURE
Client Spotlight: Cincinnati Arts Association
Setting the
for the Future
W
ith less than two months to go until Cincinnati Music Hall’s Grand Opening Celebration, Cincinnati Arts Association (CAA) is brimming with activity and excitement. CAA manages some of Cincinnati’s mostbeloved arts facilities including Music Hall, the Aronoff Center and the Weston Art Gallery. They work hard to put together an exciting calendar of events for each venue to include both resident company programs and co-presenting events such as the Fifth Third Bank Broadway in Cincinnati series presented by TriHealth. Music Hall has been closed to the public since June 2016 to undergo a $135 million renovation project. CAA has served as a key player in the renovation along with the project’s other partners: the Music Hall Revitalization Company, 3CDC, Society for the Preservation of Music Hall and resident companies including Cincinnati Symphony Orchestra, Cincinnati Ballet, Cincinnati Opera and the Cincinnati May Festival. “It’s exciting to see the community coming together in public and private partnerships to fund such an important project. All of the groups who call Music Hall home
health. wealth. life.
are collaborating and making decisions together,” said Stephen A. Loftin, President & Executive Director of CAA. Construction is taking place in 85% of the building. Some of the significant changes taking place include a renovated Springer Auditorium with enhanced acoustics and reconfigured seating, a fully-updated Lindner Grand Foyer and a completely remodeled Corbett Tower. With all of the changes taking place, CAA and the other organizations involved have worked hard to preserve the facility’s historic grandeur throughout the renovation process. “When you walk into the newly-renovated building—it will still be the Music Hall that you know and love,” said Loftin.
CAA is actively recruiting new employees to join their current staff before the Grand Opening which takes place the weekend of October 6 and 7. CAA Leadership takes great care in evaluating potential new hires. “We look for individuals who make a great first impression and have a passion for the arts,” said Brenda A. Carter, Director of Human Resources at CAA. One of the areas CAA knows candidates will be focused on during the interview process is employee benefits. “Whatever salary you pay in this day and age it’s important that you are providing adequate benefits that people feel comfortable with,” said Tina Carroll, Vice President, Finance, at CAA. “We want our
“When you walk into the newly-renovated building— it will still be the Music Hall you know and love. It’s a fresh new look of the old Music Hall. - Stephen A. Loftin, President & Executive Director of CAA “Everything is the same but everything has changed as well. It’s a fresh new look of the old Music Hall.”
benefits to be fair from our employees’ point of view and also competitive in the marketplace.”
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Pictured (left to right): Tina Carroll, Vice President, Finance; Stephen A. Loftin, President and Executive Director; and Brenda A. Carter, Director of Human Resources.
In order to ensure an affordable and highquality benefits package, CAA joined forces with other Cincinnati arts organizations 20 years ago to form the Artswave Health Insurance Alliance. “HORAN facilitated the formation of the Artswave Health Insurance Alliance which has allowed many of the Cincinnati Arts organizations to purchase health insurance together,” said Carroll. “It’s been a tremendous benefit to the Arts community of this city because we now have the collective buying power of these organizations.” CAA credits their competitive benefits package to being able to retain its employees over the years as well as their staff’s passion for the arts and commitment to the organization.
“A major part of our success is a result of our passionate and committed staff,” said Carter. “So many of our employees are artists themselves, so they are very passionate about and committed to what we do. Over one-third of CAA employees have been with the company for more than 15 years.” Passion can be seen throughout all levels of the organization. CAA Leadership and all employees work together to achieve its mission: to offer a broad range of high-quality performing and visual arts, develop diverse audiences and foster an appreciation of the arts. “Art changes lives. We are motivated and honored to be a part of delivering a service to people that allows them to have fun and experience art,” said Loftin. “When
you see 2,000 people walk into the hall and take in a show together—it’s a very rich experience.”
Doug Miller HORAN Relationship Manager for Cincinnati Arts Association
Caren Martin HORAN Account Manager for Cincinnati Arts Association
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