Meadowlands USA: October/November 2015

2015 Connecting New Jersey Businesses

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An Interview with Gehtsoft’s CEO, Ivan Gekht

Your Golden Years: A Guide to Retirement & Estate Planning Year End Tax Strategies: What You Need To Know Before You Close Your Books Firing The Performance Review: How Organizations Are Reinventing Performance Management

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Connecting New Jersey Businesses

L EADERSHIP C OUNCIL Allstate Bergen Community College Bergen Engineering/Branca Properties Boiling Springs Savings Bank Bruinooge & Associates Comfort Guard Contracting LLC Ernst & Young, LLP Eastwick Colleges Forsgate Industrial Partners FORT Group Goya Foods Hackensack University Medical Center Hartz Mountain Industries J. Fletcher Creamer & Son, Inc. JACOBS Kearny Bank Meadowlink Commuter Services MetroMultiMedia MWW Group NAI James E. Hanson, Inc. New York Jets NJSEA Onyx Equities, LLC Prime MSP PSE&G Skanska USA TD Bank United Water NJ Verizon Publisher: Meadowlands Regional Chamber of Commerce, Inc. 201 Route 17 North Rutherford, NJ 07070 201.939.0707 Managing Editor: Joe Garavente Email submissions: jgaravente@meadowlands.org Advertising Director: Martha Morley, Greer Enterprises, Inc. 201.493.7996 Design: Evan Eagleson, Eighty6, LLC. Printing: Action Graphics Meadowlands USA Magazine Distribution: MTM Resources Copyright 2015. All rights reserved. Reproduction of any artwork, editorial material or copy prepared by Meadowlands Regional Chamber of Commerce and appearing in this publication is strictly prohibited without written consent of the publisher. Additional magazines and reprints of articles are available.

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Meadowlands Business Report Harmon Meadow Retail, Restaurants & Hotels Directory Meadowlands Restaurants & Dining Event Planning & Catering Services Meadowlands Hotels & Accommodations Destination Meadowlands News From the Meadow

DEPARTMENTS

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Economic Update Business Wise Legal Accounting Insurance & Risk Management Retirement & Estate Planning Lessons in Leadership Community Engagement Human Resources & Operations Health & Wellness Continuing Education & Business Training Small Business Corner International Business Spotlight Tech Talk

FEATURES

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Year End Tax Planning: Review these tips before closing your books this year When Software Solutions Get Tough, Clients Gehtsoft: As New Jersey as it Gehts Golden Years: Retirement planning tips & strategies

The views expressed in this magazine are those of the authors and do not necessarily represent the views of, and should not be attributed to, the Meadowlands Regional Chamber.

Cover: Palisades Medical Center Ranked Among the Top Hospitals in New Jersey

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OCTOBER/NOVEMBER 2015

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Business Report From the Desk of Jim Kirkos

President & CEO, Meadowlands Regional Chamber

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his is always a very special time of year for the Meadowlands Regional Chamber as we close out our calendar and review the passing year. As part of this review we ask our membership to gather at our Annual Meeting Luncheon.

This is where we also announce critical plans for the upcoming year. I invite you to join us on November 12 at Meadowlands Racetrack for this year’s meeting when we will restructure our Board of Advisors and provide you with a State of the Meadowlands address.

In reviewing this year, I am pleased to report that many of our key accomplishments this year stem from developments in Meadowlands USA. One of our planned goals in 2015 involved enhancing the publication in both print and digital formats. As for the print, we expanded the number of advertising partners this year over last year and we introduced several new columns to cover an even wider breadth of business topics. We also enlisted more guest authors and expert contributors this year. As for digital, we successfully rolled out a new blog format—www.meadowlandsusa.com—and our online readership is now up more than three-fold over this time last year.

One of the improvements this year involved expanded editorial coverage and also offering larger focused sections in each issue.

Last issue we focused on health & wellness and in this issue we look at retirement & estate planning. This is a significant topic that impacts just about everyone. I highly encourage you to read through this section to learn more about what our experts have to say on investing in your future beyond your career—make the most of your golden years!

Lastly, I would like to announce that in 2016 we plan to expand our publications even more but we need your help and your expertise! Please consider contributing an article to our magazine or offering editorial suggestions for future issues—contact Managing Editor Joe Garavente (JGaravente@meadowlands.org) to find out more about how you can get involved.

Stay tuned for more good things to come from Meadowlands USA and enjoy this issue!

Respectfully,

Jim Kirkos Follow me on twitter: @JimKirkos To stay informed about more activities from the Meadowlands Regional Chamber please visit www.meadowlands.org.

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OCTOBER/NOVEMBER 2015

WE REACH HIGHER

WHEN WE WORK TOGETHER

Towering achievements through collaboration Local 825 Operating Engineers have been at the controls of high-rise construction from Atlantic City to Jersey City.

Our operators are the best trained and most experienced on any construction site. Yet it takes even more to raise productivity.

Collaboration is the key to reaching new heights and Local 825 Operating Engineers are trained to rely on construction team members to get big things done safely, on time and on budget.

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ECONOMIC UPDATE

Angel Investing

Tips for raising “Angel Money”

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umpStart New Jersey Angel Network (JumpStart) Executive Director Katherine O’Neill recently visited the New Jersey Economic Development Authority’s (EDA) Commercialization Center for Innovative Technologies (CCIT) in North Brunswick on Monday to present “Top Ten Essentials for Raising Angel Money” to CCIT tenants and other interested New Jersey technology professionals.

During the presentation, O’Neill, who was named one of NJBIZ’s 2015 “Best 50 Women in NJ Business,” advised entrepreneurs to have the following available when meeting with investors: • A one to two minute introduction with the company’s value clearly identified • An excellent ONE PAGE business summary • A list of the team (and advisory board) members O’Neill also said that entrepreneurs should be able to demonstrate that they have: • Domain and competitive knowledge • Focus and ability to execute their plan • Skin (read: money) in the game • Initiative, character, drive, knowledge and coachability • Honesty and transparency (numbers provided should be real, not inflated) • Capital efficiency (e.g. no large corporate salaries) • A proven track record (company’s ability to execute and meet its goals) O’Neill has led JumpStart since 2003, a year after it was founded. JumpStart, which began as a collaborative effort between the EDA and the New Jersey Technology Council (NJTC), has grown to 45 members and is one of the largest angel investing networks in the Mid-Atlantic region.

Under O’Neill’s leadership, the network has invested a total of more than $50 million in more than 65 early-stage technology-based companies. Approximately 50 percent of the funds have gone to New Jersey companies, including EDA-sup-

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ported Bergen Medical Products in Cedar Knolls and South Brunswick-based United Silicon Carbide Inc. JumpStart holds quarterly “Meet the Angels” sessions, which are informal opportunities for invited early-stage entrepreneurs to meet with network members. Entrepreneurs can contactinfo@jumpstartnj. org for more information about when the next session is.

Underscoring the importance of cultivating the next generation of entrepreneurs and investors, JumpStart has participated in all three previous EDA-hosted Founders & Funders events. Held semi-annually, Founders & Funders introduces emerging technology and biotechnology companies to investors in ten-minute, one-on-one conversations. O’Neill said that she looks forOCTOBER/NOVEMBER 2015

ward to meeting entrepreneurs at the next event on Oct. 27 at CCIT. With extensive expertise in healthcare, biotechnology, pharmaceuticals, information systems, e-commerce and social media, O’Neill is a mentor at regional accelerators Princeton University E-Labs and TechLaunch. She also runs her own business, O’Neill Associates, through which she consults with emerging companies on a wide variety of topics. O’Neill also sits on numerous boards, including the EDA’s Edison Innovation Fund Technology Advisory Board, the New Jersey Technology CFO Advisory Board, and the Rutgers University Innovation Park Advisory Board.

“As an active investor, O’Neill plays an integral role in New Jersey’s dynamic technology scene, and brings invaluable

knowledge and expertise to the Garden State’s angel investing community,” EDA Chief Executive Officer Melissa Orsen said.

On a broader level, O’Neill serves on the board of the national organization Angel Capital Association (ACA), which represents angel groups in North America.

As the chairwoman of ACA’s 2016 Annual Summit, which will be held in Philadelphia next May, she believes the event will provide the Garden State with an opportunity to showcase the region’s investors and promote the New Jersey Angel Tax Credit Program.

The NJEDA also spoke with O’Neill about angel investing in New Jersey: JumpStart has been a participant in several of the Founders & Funders events. What nuggets of information do you provide to emerging companies during these meetings?

In addition to providing entrepreneurs with a few of the “Top Essentials” mentioned above, we help them realize that their pitch

is their opportunity to open a door and start a relationship. We talk to them about how to improve discussions about their company. We also make suggestions on potential funding groups and collaborators.

Can you talk about how the New Jersey Angel Investor Tax Credit Program has affected the Garden State’s angel investing community?

We have found that the Angel Investor Tax Credit Program has been a great motivator for angel investors. Specifically, it gives out-of-state investors the opportunity to receive a check for ten percent of the money they invest in New Jersey technology and biotechnology companies.

What do you recommend to a person looking to start out in angel investing?

There are lots of ways to get started in angel investing. My suggestions would be to join a group and surround yourself with

Katherine O’Neill

peers who have the expertise you want to develop. Learn from those who invest well and have excellent reputations. Developing your reputation as a connected, valuable partner and active investor will ensure that you have quality companies seeking your funding.

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BUSINESS WISE

Don’t “Time” Your Business Sale

The hidden Wall Street impact on Main Street transactions

F

requently, we see business owners attempting to “time” the sale of their businesses, motivated by factors like personal lifestyle, tax considerations, business seasonality or a desire to finish a project before selling.

“Over and over, we have cautioned business owners not to ‘time’ a transaction,” says Achim Neumann, President, A Neumann & Associates, a New Jersey-based Merger & Acquisition/brokerage firm. “Once a deal has been agreed upon, it should be the goal of both parties to close the transaction as soon as possible.”

What can go wrong? And how can Wall Street’s gyrations have an out-sized impact on a mid-sized transaction?

For one thing, in small to mid-sized transactions, the investor typically relies on personal funds for at least 25 to 40 percent of the agreed-upon transaction amount.

Quite often, these funds reside in stock and bond portfolios.

“At the time an offer has been accepted,” says Frank Arcoleo, Managing Director at A Neumann & Associates. “The investor starts liquidating positions to raise cash. If the market experiences a significant downturn between the time of offer acceptance and deal closing, this might be problematic.”

A second factor is that such investor portfolios often also serve as collateral for acquisition loans—and declining portfolio values obviously shrink such collateral.

“Add in the emotional impact of situations like we experienced in 2009 and 2010, during which investors saw tremendous portfolio devaluations,“ says Gary Herviou, Vice President at A Neumann & Associates. “And there could be considerable hesitation to execute acquisitions.”

Additionally, there can be a change in the financing environment. In general, deal structures call for fifty percent bank financing. Delaying a deal closing can have significant negative impact in a variety of ways.

First, a change in the macroeconomic environment can reduce the willingness of

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banks to lend. As recently as September, a Bloomberg Radio interview discussed the banks’ willingness to lend and the interviewee expressed that in the current environment it is more profitable for the bank’s shareholders for the bank to allocate excess cash to buying back its shares in the stock market than to provide new lending.

No wonder that even individuals with stellar credit ratings, like former Federal Reserve chairman Ben Bernanke, have been denied refinancing of their Washington, D.C. homes.

“In other words, delaying a deal can simply close the door on funding availability,” says Aaron Soury, Managing Director at A Neumann & Associates New York.

Secondly, the lending interest rate can change when a deal is delayed. For example, assuming a $2 million transaction with fifty percent bank lending on a company with a $400,000 cash flow, a two percent change in the interest rate of the acquisition loan will reduce the free cash flow by four percent. How many business owners are willing to forgo a four percent reduction in

OCTOBER/NOVEMBER 2015

profit margin?

In sum, once a deal has been agreed upon by seller and buyer, both parties should move expeditiously to close the transaction.

“Time is the enemy of all deals” is a common statement in the brokerage industry.

And Wall Street might have considerably more impact on a deal on Main Street than the mid-sized business owner can imagine.

A Neumann & Associates, LLC is a professional merger & acquisition and business brokerage firm with 30 years of experience in Connecticut, New Jersey, New York, Pennsylvania, Delaware, Maryland and Virginia that assists business owners and investors in the business transfer process in a completely confidential manner. The company covers the entire Northeast US market, has representations from NY state to VA state, and has access to a 50 office national network of qualified investors and sellers. For more information, please contact A Neumann & Associates at (732) 872-6777.

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BUSINESS WISE

Reducing Travel Costs

Tips for maintaining a strong return on business travel investments

D

espite the sluggish economy, small businesses are picking up the pace of business travel. Business travel is a significant investment for small companies so therefore it is important to ensure you get a strong return on your investment. According to the Oxford Economics, USA study, every dollar spent on business travel in the U.S. results in incremental revenue of $12.50 on average.

While that may not be achievable for all small businesses, it demonstrates that business travel when managed effectively can enhance your bottom line.

1. Create Business Travel Plans and Policies Now, before you get out your calendars and start booking airfares, you need to create a business travel project plan. Establish guidelines for evaluating when a face-toface meeting is better than other options.

Then manage every business trip as you would any other project in your company.

Establish a business travel policy that requires business travel to be approved in advance. The policy should also set guidelines for reimbursable expenses. For example, do you pay for gym use while employees are on the road? What about in-room movies? Set recommended ranges for food expenditures.

One of your team members may think it is fine to dine at a 5 star restaurant at the company’s expense. I think you’ll probably agree, that is a little rich for most small businesses.

2. Create a Trip Agenda Everyone who travels on behalf of your business should provide a trip agenda with confirmed meetings and expected outcomes so you can measure the success of the travel investment. Also, make sure your team understands when they travel for business, they should use the time as productively as possible.

Check local business publications to see if there are business-related events scheduled that could be good networking

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opportunities. Do some cold-calling while you are there. Make the most of your time while you are in a particular city.

3. Avoid Last Minute Travel Decisions Unless you happen to fall into a special deal, booking travel at the last minute is typically expensive. Take advantage of loyalty programs which provide airline or hotel points. When you find yourself in an unavoidable last minute situation, utilize these points to help off-set the cost.

4. Think Strategically Think strategically when you book your business travel. For example, Monday is a busy travel day so typically when the demand is high, so are the prices. Try to fly mid-week when prices are lower.

Consider the possibility of making the business trip a day-trip so you don’t have to incur overnight hotel expenses. Also, many of the airline clubs offer business centers where you can book conference rooms to host meetings. I’ve actually done this and it works very well. You fly in, host your meeting and fly back to your office.

5. Always Shop for Deals The travel discount sites offer packages which include airfare, hotel and rental cars.

Sometimes it is less expensive to book the package than it is to book each piece individually. However, before you hit the purchase button go directly to the provider as well. A lot of times the hotel or airline will match the internet pricing.

One thing I’ve found is if you book with the hotel directly, not the 800 reser-

OCTOBER/NOVEMBER 2015

vations number, and you have to cancel, you have more flexibility. Often times the travel discount sites have few options for refunds or rearranged travel plans.

6. Prepare a Travel Report Once you have completed your travel, prepare a travel report. Review it in conjunction with your initial travel agenda. Use your trip report as a means to follow up after your meetings so you don’t let something fall through the cracks. It can also be helpful in making future travel decisions.

7. Standardize Your Expense Reporting System Finally, create a standardized expense reporting system. And make sure you consult with a tax professional about appropriate travel related tax deductions. Not everything can be expensed at the same rate.

Susan Wilson Solovic is an award-winning entrepreneur and journalist, author of three best-selling books, multi-media personality and a small business contributor to ABC News and other media outlets, public speaker and attorney. In addition to sitting on several executive boards of small business organizations, Solovic is the CEO and co-founder of ItsYourBiz. com, a company she led from a concept to a multi-million dollar enterprise (formerly SBTV.com. She is also a featured blogger on numerous sites including Huffington Post, AllBusiness.com, Constant Contact, WSJ.com and Fast Company.

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LEGAL

Reinventing Performance Management Five tips for re-tooling your review policy

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or supervisors and their reports, the requirement for conducting performance reviews has been an annual rite that both sides have endured at sufferance. The quality of the process and its purpose is rarely evaluated or questioned.

However, this is increasingly not true as businesses are beginning to cast aside formal employee reviews in favor of less structured, more flexible evaluations.

Accenture, one of the world’s largest employers, recently announced that it would no longer require its 330,000 employees to undergo annual performance reviews. In addition, the company is also abandoning its forced ranking system in favor of a system in which workers receive regular feedback from their supervisors.

“All this terminology of rankings— forcing rankings along some distribution curve or whatever—we’re done with that,” Accenture CEO Pierre Nanterme told The Washington Post. “We’re going to evaluate you in your role, not vis-a-vis someone else who might work in Washington, who might work in Bangalore. It’s irrelevant. It should be about you.”

This decision reflects a growing employment law trend. Six percent of Fortune 500 companies have eliminated rankings, according to the management research firm CEB. Other notable companies that have made similar changes to their performance evaluation procedures include Deloitte, Gap, Adobe and Medtronic.

Understandably, many New York and New Jersey businesses are beginning to question if they should follow this example. Is there a happy medium between forced rankings and random performance conversations?

Why you should re-vamp your performance reviews In lieu of total abandonment, it makes sense for employers to at least re-tool their performance review process. This is because reviews are almost always performed by supervisors with no training for the job and with no attempt at obtaining quality control over the results. The supervisors charged

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with the task typically judge the job performance assignment to be an unwanted, thankless task that gets in the way of the mission of making money.

The reviews are often slapped together with little or no careful or structured thought. This then results, at times, with an employee being terminated for alleged lack of performance or incompetence but whose formal reviews provide glowing (and glaring) contradictions undermining the stated reason(s) for the negative employment action.

Furthermore, there are often gross discrepancies and disparate assessments among the persons conducting the reviews.

For one reviewer, a 5 (out of 10) is a failing grade while the next reviewer regards this as a high mark.

Things to keep in mind for performance reviews If employee reviews are to be performed, it is very important that the employer: • Take the process seriously and devote sufficient resources to do the job “right;” • Choose the criteria that are to be the measures of performance carefully; question whether such criteria are really relevant to performance; • Train the reviewers to help them understand their role and the expectation to include attempting to achieve a OCTOBER/NOVEMBER 2015

more uniform application of the stated criteria; • Review the results on a preliminary basis to spot negative trends and anomalies in the scoring; • Curve the scores so that there is some consistency of the results from one reviewer to another; and • Define the purposes and consequences for the reviews, and appropriately apply the approved use(s) for the results (retention, promotion, raises).

Generally, most employers have been unwilling to devote the time and resources to these efforts. The consequence can be the assertion of an employment or discrimination claim that will be difficult to defend. Rather than being unduly exposed to such claims, the defendant-employer would be better off with no review than one that has been poorly executed.

Concentrating his practice on ERISA, employee benefits, and executive compensation, Gary S. Young is a member of Scarinci Hollenbeck’s Corporate Transaction and Business Law Group. With over 40 years of experience, Mr. Young has worked as a traditional labor lawyer and who continues to provide employment law advice to private sector employers on such as wage & hour compliance, workplace harassment and FMLA.

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LEGAL

Affordable Housing & Development Despite litigation, housing law continues to heavily impact private residential projects

O

ne of the biggest uncertainties currently facing land owners seeking to develop residential or mixed use property in New Jersey, particularly in the more densely populated northern counties, is the ongoing determination of each municipality’s affordable housing obligation pursuant to the “Mount Laurel Doctrine”, and the impact these obligations will have on future development applications. Specifically, developers must consider carefully the potential number of affordable housing units they may be required to incorporate into such projects going forward.

Under the Mount Laurel series of New Jersey Supreme Court cases, all New Jersey municipalities are constitutionally required to actually take “affirmative” action to provide realistic opportunities to provide their “fair share” of affordable housing to satisfy the present and prospective regional need.

In response, the State Legislature passed the Fair Housing Act (“FHA”) to create a procedure for municipalities to follow to ultimately meet their Mount Laurel obligations. The FHA in turn provided for the creation of the Council on Afford-

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able Housing (“COAH”), a now essentially defunct state agency that was initially tasked with calculating each municipality’s respective fair share housing obligation, as rolled out over a series of three compliance “rounds” (from 1987 through 2025).

They were also charged with overseeing and administrating municipal submissions of plans and documenting their respective proposals for meeting these obligations.

Although COAH functioned relatively effectively during the first two rounds, a steady stream of litigation concerning regulations prescribing the methodology to be used to calculate municipal Third Round obligations (now, 1999-2025), and COAH’s ongoing failure to subsequently adopt valid regulations setting forth such a methodology, essentially overwhelmed COAH’s capacity to independently administer affordable housing requirements.

The New Jersey Supreme Court’s March 2015 Affordable Housing enforcement opinion (increasingly referred to as Mount Laure IV) saw the Supreme Court essentially divest COAH of its authority.

Responsibility for setting municipal affordable housing obligations, and for ultiOCTOBER/NOVEMBER 2015

mately evaluating and administrating each municipality’s proposed plan for meeting its respective obligation, has now been returned to the State’s Mount Laurel trial courts, for disposition in accordance with a declaratory judgment action procedure set forth by the Supreme Court in its March 2015 opinion and incorporated remand order (221 N.J. 1).

Towns that had been seeking approval of compliance plans before COAH were authorized, in the Supreme Court’s March 2015 enforcement opinion, to file Declaratory Judgment Actions before the County Mount Laurel Judge for a final judgment declaring them compliant with Mount Laurel and essentially immune from the socalled “Builders’ Remedy” suits in which private developers can otherwise seek Court enforcement of affordable housing development opportunities.

Despite the ongoing uncertainty with respect to municipal Third Round affordable housing obligations, the Appellate Division of the Superior Court of New Jersey’s recent decision in Fair Share Housing Center v. The Zoning Board of the City of Hoboken, et al., (Appellate Docket No.

1535-12T2) (the “Fair Share case”) makes clear that private developers can and will be required to comply with state and local affordable housing law, even in urban municipalities which adopt affordable unit mandates as a matter of local policy rather than Constitutional compulsion.

In the Fair Share case, which centered upon the validity of residential zoning approvals held by a group of private developers that were conditioned on compliance with Hoboken’s affordable housing ordinance, the Appellate Division ultimately overturned the trial court’s decision that had invalidated the local ordinance on the incorrect grounds advanced by the developers that adoption of local affordable housing ordinances required approval from an essentially defunct COAH under the FHA. In upholding Hoboken’s affordable housing ordinance, and clarifying that no state approval was required to adopt a municipal affordable housing ordinance, the Appellate Court noted that an urban municipality’s power to participate in the affordable housing process—though perhaps completely voluntary—was not suspended solely because of COAH’s failure to function as intended.

The decision has created uncertainty in the affordable housing landscape in the urban setting, in addition to the on-going Declaratory Judgment actions field by suburban communities, seeking judgments declaring them compliant with their Mount Laurel obligations, because each municipality is essentially left free to adopt its own variant of the Hoboken ordinance.

Despite the myriad of uncertainties surrounding New Jersey’s affordable housing laws, it is clear private developers and landowners, particularly in Northern New Jersey, will continue to be called upon by both local and state law to provide affordable housing units in conjunction with forthcoming residential projects, as municipalities continue to work towards meeting their Third Round fair share housing obligation.

Accordingly, it is more essential than ever that property owners and developers engage skilled counsel to advise and guide them in navigating the ever evolving requirements of New Jersey affordable housing law in connection with real estate development projects moving forward.

Waters, McPherson, McNeill, P.C. is a full service law-firm with a particular expertise in real estate development and all related matters. For more information, or to further discuss any of the issues discussed in this article, please contact James M. Spanarkel, Esq. at (201) 319-5740 or via email at js@lawwmm.com. For more information about Waters, McPherson, McNeill, P.C., please visit our website at www.lawwmm.com.

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Year End Tax Planning Review these tips before closing your books this year

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e invited our Chamber member accountants to share ideas and thoughts that might help businesses and individuals with their year-end tax planning.

Hunter’s guide to year-end tax planning

Larry Feld of the Hunter Group in Fair Lawn kindly forwarded us a copy of their 2015 Year End Tax Planning Guide which is replete with information on both the question marks and the complexities that haunt.

Rather than attempt to relate those complexities in piecemeal fashion, we instead refer you their website, www.TheHunterGroup. com, where you can freely access it.

MBAF advises on expiring tax breaks

Steven Blumenthal, an old friend with MBAF CPAs LLC, a strong and well recognized national firm, submitted a small piece focused on certain primary and formative considerations. He pointed to a laundry list of certain longstanding tax breaks that expired at the end of last year, December 31, 2014—both personal and business—that the Senate has voted to extend but that the House, dormant as it is these days, has yet to act upon. So confusion reigns supreme. He wrote: “There are a number of tax breaks that expired at the end of 2014 and although some of them have been considered at the committee level in Congress, to date they have not been extended. For individuals these include the availability of state and local sales and

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use tax deductions in lieu of state and local income taxes; deductions for qualified higher education expenses against adjusted gross income; and tax free IRA distributions for charitable purposes by individuals at least 70-1/2.

For businesses, tax benefits that expired at the end of last year and that have not been extended include 50 percent bonus first year depreciation for machinery, equipment and software; the $500,000 annual expensing allowance for certain fixed assets (currently limited to $25,000 in 2015) with phase outs above $2 million in 2014 and $200,000 in 2015; the research tax credit; and the 15-year write off for qualified leasehold improvement property, qualified restaurant property and qualified retail improvement property.

These items need to be monitored for availability before year end to see if Congress retroactively reinstates them to the taxpayer benefit.”

This puts everyone in a state of suspended animation, because nobody knows.

Visit their site, www.mbafcpa.com, and look under press where you will be able to access their extremely helpful bi-monthly newsletter, Stay a Step Ahead. It is full of helpful tax planning hints.

Keller & Lebovic talks gifting, charitable donations & filing early

Alyssa Lebovic, partner at Keller & Lebovic CPAs in Fair Lawn, is this year’s home run hitter, as she submitted a substantive and interesting original piece that we submit directly to our readers. It has been appropriately consolidated as needed, but the words and

the thoughts all remain Alyssa’s and we thank her for them: “Year-end is a great time for giving, not just to be generous, but also as a tax planning tool. The IRS allows any person to gift to another person (related or not) $14,000 per year, without filing a gift tax return or having to pay a gift tax. The recipient always receives the gift free and clear—no taxes to them. It’s the donor who would have had the tax consequences.

Interestingly, when the IRS says ‘per year’ they are saying that a grandparent could gift a grandchild up to $14,000 in December 2015, and then again up to another $14,000 in January 2016.

A little known fact is that medical and educational expenses paid directly to the medical provider or to the school or college do not count in this $14,000 per year. It must, however, be paid directly.

Gifting can be a useful tool in shifting income from one generation to another. If you gift appreciated stock to a family member in a lower bracket, when they eventually sell the stock, it will be taxed at the recipient’s lower bracket instead of the donor’s higher bracket.

Appreciated stock is also useful when making charitable donations. Say you wanted to give your favorite charity $10,000 before year end. If you sold appreciated stock that perhaps you bought long ago for $2,000, but was now worth $10,000, to make that donation, you’d have an $8,000 gain on which you’d likely pay 15 percent capital gain tax for a tax of $1,200. If you gave that same stock directly to the charity and let the charity sell the stock, you’d still get a charitable deduction for $10,000, but neither you nor the charity would have to pay tax on that capital gain. A win-win.

Being generous with charities at year end or making generous gifts to family members are both means of reducing one’s estate, where here in New Jersey we have one of the highest state estate taxes in the nation. That’s predominantly caused by having a low threshold for having a taxable estate. Here in New Jersey, an estate will have to pay a tax of almost $20,000 if the value of the estate is over $675,000, and it goes up from there.

Here in Northern New Jersey, with higher housing prices, that is not hard to hit. So despite the high threshold for a taxable federal estate, for New Jersey purposes, estate planning is still alive and well.

Another important difference here in New Jersey between federal and New Jersey taxes is that while, for federal purposes, you can carry unused losses from one year to another, in New Jersey you cannot do this. Take a look at your portfolio before year end. If you have some losses with this year’s crazy ups and downs in the market, try to offset them by selling other stocks at a gain before year end. The earlier losses will shield the gains from having to pay tax for both federal and state purposes.

On the subject of capital gains and shifting the tax burden to family members in lower brackets, be aware of the following: If you’re below the 25 percent bracket—with taxable income after all deductions at $74,900 joint ($37,450 married filing separately or single) and $50,200 for head of household—long term cap gains are still taxed at 0 percent. Yes, 0 percent for people in these brackets so long as the gains do not cause you to exceed this amount of taxable income.

Utilizing this 0 percent cap gain bracket, can also be used to gift appreciated stock that you have held more than a year to family members in these low brackets to sell in their names and pay no tax on the appreciation.

This would be especially wise when you are helping to support parents or post-college children who are underemployed or unemployed. Say you are helping Mom pay for expenses by giving her $1,000/month. Rather than taking that from your savings, transfer $12,000 of appreciated stock to her, then immediately sell it and use

it to cover the next 12 months of expenses. There would have been a 15 percent cap gain tax on this if sold in your name (or more depending on your tax bracket), but 0 percent tax if sold in her name before year end. The family unit can hold on to more money that way.

For business owners, consider making pension contributions for yourselves and your staff. Check the rules because you may not be able to contribute for yourself without making certain contributions for the staff depending on the type of plan you have and the employee’s length of service.

Accountants generally base your quarterly estimated tax payments on the prior year’s income. If your 2015 income was substantially up or down from 2014, you might want to have your accountant do a year-end tax projection. If income is down, you can effectively get your refund by eliminating or significantly reducing your 4th quarter estimate now instead of waiting until April for a big refund.

Lastly, my advice to all, as always, is to file early. If you are due a refund, you’d like it sooner rather than later. If you owe money, the sooner you calculate that, the easier it is to start putting it aside to pay in April. Just because you calculate it and even file early, doesn’t mean you have to pay it any sooner, you still have until April 15 to pay it. If you’re due a refund from federal and owe New Jersey or vice versa, filing early may get you a refund from one early enough to pay the other.

Taxes don’t have to be a burden, they can be a planning opportunity. If you’re not doing this kind of planning with your accountant, you may have outgrown them.”

Thank you, Alyssa. Visit her at Keller & Lebovic at www.kellerandlebovic.com.

By Rich Fritzky, retired President & CEO of the Meadowlands Regional Chamber and founding editor of Meadowlands USA. MEADOWLANDS USA

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ACCOUNTING

Gifting Of Interests Don’t leave your discounts behind

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atherine Hughes, Office of Tax Policy of the US Treasury Department, recently spoke at the American Bar Association Conference.

Part of her discussion indicated that proposed regulations under IRC section 2704 will likely be introduced sometime in 2015. Those regulations may limit the availability of lack of control and lack of marketability discounts for transfers of closely held interests among family members.

Accordingly, clients contemplating the transfer of closely held business interests should consider making those gifts as soon as possible, prior to the issuance of the proposed regulations.

IRC Section 2704 & applicable restrictions IRC Section 2704 was enacted in 1990 to eliminate perceived valuation abuses concerning certain lapsing voting and liquidation rights as well as certain restrictions on liquidation. Specifically, the statute addresses transfers of interests in 18

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controlled corporations or partnerships among family members. In valuing those transfers “applicable restrictions” are to be disregarded. An “applicable restriction” is any restriction that effectively limits the ability of a corporation or partnership to liquidate and, (i) where either the restriction lapses, in whole or in part, after the transfer, or (ii) the transferor or family members can remove the restriction, in whole or in part.

An applicable restriction, however, does not include any restriction imposed by federal or state law, nor any reasonable restriction which arises as part of financing to the corporation/partnership with a person who is not related to the transferor or transferee, or a member of the family of either. Many states enacted statutes that caused a restriction to be imposed by state law such that discounts for those restrictions were still permitted.

Section 2704(b)(4) provides that the IRS can issue regulations that would disregard other restrictions if the restriction has the effect of reducing the value of the transferred interest, but does not ultimately reduce the value of such interest to the OCTOBER/NOVEMBER 2015

transferee. Under this provision, the IRS intends to issue proposed regulations.

When will the regulation take effect?

It is not known if this Regulation will be effective as of the date of the Proposed Regulation, or as of the date of issuance of the Final Regulation. If gifts, as described above, are contemplated, the safest approach is to make them prior to issuance of the Proposed Regulation sometime in 2015.

RotenbergMeril is ranked as one of the top accounting firms in New Jersey and their specialized services include: audit/ accounting, public company/SEC services, benefit planning, taxation, financial outsourcing, litigation support, valuation and international consulting. If you feel your business may benefit from outsourcing some or all of your accounting functions, contact the experts at RotenbergMeril at (201) 487-8383 or visit www. rmsbg.com to learn more.

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INSURANCE & RISK MANAGEMENT

Insurance Options Overview

The types of coverage you should consider for your business

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hen I was asked to write this article about helping business owners save money, be more profitable and compliant with their insurance decisions, I thought no problem I’ve been doing this for 40 years!

Then my second thought was there are too many types and sizes of businesses each with a multitude of concerns and exposures to make any sense of coverage amounts, prices and compliance in 750 words.

With that said, I think it is best to give some general advice and information, that I think all sizes and types of businesses can adjust to their specific needs.

Before anything, the structure of your business is most important in driving decision whether to shift liability from personal to the business. You should have a serious conversation with your accountant or attorney to discuss the advantages and

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disadvantages of each type of business entity, especially if you are sole proprietor or partnership.

Choosing the right insurance broker for your business and your personal insurance is paramount to proper planning and advice. The broker should maintain a relationship with you as part of your team and you should embrace them in the same way.

Although price is important, it should not be the deciding factor to change to another broker. Your insurance professional does not have the access to every insurance company and cannot always give you the best quote or price, but if they are able to give you a reasonable and somewhat competitive quote and you are happy with the service, why change?

Cost and amount of coverage of policies vary among insurers. You should discuss your specific business risks and the types of insurance available with your insurance agent or broker. Your agency can advise you on the exact types of insurance you should consider purchasing.

Types of business insurance

• Product liability insurance

Insurance coverage is available for every conceivable risk your business might face.

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• General liability insurance

Business owners purchase general liability insurance to cover legal hassles due to accident, injuries and claims of negligence. These policies protect against payments as a result of bodily injury, property damage, medical expenses, liable slander, the cost of defending lawsuits and settlement bonds or judgements required during an appeal procedure.

Companies that manufacture, wholesale distribute and retail a product may

be liable for its safety. Product liability insurance protects against financial loss as a result of a defect product that causes injury or bodily harm.

The amount of insurance you could purchase depends on the products you sell or manufacture. A clothing store would have far less risk than a small appliance store, for example.

• Professional liability insurance

Business owners providing services should consider having professional liability insurance, also known as errors and omissions insurance. This type of liability coverage protects your business against malpractice, errors and negligence in provision of services to your customers.

Depending on your profession, you may be required to carry such a policy.

For example, physicians are required to purchase malpractice insurance as a condition of practicing in certain states.

• Commercial property insurance

Property insurance covers everything related to the loss and damage of company

properly due to a wide-variety of events such as fire, smoke, wind and hail storms, civil disobedience and vandalism. The definition of “property” is broad, and includes lost income, business interruption, buildings, computers, company papers and money.

Property insurance policies come in two basic forms: (1) all risk policies covering a wide- range of incidents and perils except those noted in the policy; (2) peril-specific policies that cover losses from only those perils listed in the policy. Examples of peril-specific policies include fire, flood, crimes and business interruption insurance. All-risk policies generally cover risks faced by the average small business, while peril-specific policies are usually purchased when there is high risk of peril in certain area.

Consult your insurance agent or broker about the type of business property insurance best suited for your small business.

• Home-based business insurance

Contrary to popular belief, homeowners’

insurance policies do not generally cover home-based business losses. Depending on risks to your business, you may add riders to your homeowners’ policy to cover normal business risks such as property damage. However, homeowners’ policies only go as far in covering home-based businesses and you may need to purchase additional policies to cover other risks, such as general and professional liability.

By Dave Meredith of the Dave Meredith Agency in Rutherford. Dave’s knowledge and understanding of the insurance industry helps provide customers with the outstanding level of service. Dave, as a small business owner himself, understands the importance of building a solid foundation for the future and developing a long-lasting customer relations. Dave can be reached at (201) 355-8090 or dmeredith@allstate.com.

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When Software Solutions Get Tough,

Clients Gehtsoft As New Jersey as it Gehts

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elf-described as the “best kept secret” in software solutions, Gehtsoft is going public—well, they are seeking a more public platform for their custom software solutions business. As always, the privately held company, based in Paramus, New Jersey, holds client information and innovations in the highest level of confidence.

“We have been able to establish high levels of trust and intimacy with our clients, because we work with them to create solutions for their business needs,” says Ivan Gekht, chief executive officer of Gehtsoft USA. “We do not provide typical solutions, because often no typical solution exists.”

With approximately 100 employees in the United States and Russia, Gehtsoft’s competitive advantage is that customers interact with project managers and business analysts personally on East Coast time, while receiving competitive pricing from overseas developers. However, Gehtsoft, which is incorporated in New Jersey, manages their own employees in these locations or only works with long-term partners who are all verified and managed by Gehtsoft project managers.

Gehtsoft has the capacity to bid on any software clients would typically outsource because they offer local project management expertise while operating the facilities that do the development work.

“Usually, clients know they need something, but they are not sure what exactly that is. We work with them to determine what those requirements are,” says

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Emmet Ryder, director of marketing at Gehtsoft. “Our high-level business analysts create highly detailed functional specifications, which becomes the blueprint for subsequent actions.”

These functional specifications documents detail exactly what the software is OCTOBER/NOVEMBER 2015

supposed to do and provide specific instructions for the software engineers, developers and coders to follow. The document becomes the client’s property and can be used to gather bids from competitors even.

“Clients get ‘exactly what they asked for’ but we help determine what their needs

really are to create this document. Sometimes, our clients will take the specs to someone else, but they usually return,” says Mr. Gekht.

“We understand the nature of the business. Our business fixes problems. We do not fix bad code, but program from scratch. And still, we remain competitive in the field.”

Operating with complete transparency, the project managers and business analysts provide in-depth analysis, based on cooperation with the clients and a full understanding of the project. Gehtsoft’s highly trained and experienced software designers and architects deliver quality software products with a guarantee of satisfaction.

Throughout the development process, close communication, agile collaboration and shared prototyping allow customers to make sure every detail is addressed and preview applications at the earliest stages of development—reducing time and costs. Comprehensive documentation, instructions and customer support are provided through every step.

Partnership and collaboration are essential to Gehtsoft’s business. For example, Gehtsoft started to work with Forex Capital Markets LLC (FXCM) when they were a company with two dozen people. A decade later, FXCM has grown to several hundred employees, and Gehtsoft is still working with them to develop a variety of client-facing and back-end solutions.

These solutions feature a variety of technologies, from simple

And we do that through hard work and communication, showing them results and delivering ahead of expectations.”

Gehtsoft is committed to excellence and holds an ISO 9001:2008 certification, an intensive process which demonstrates a commitment to industry standards and consistency. During a twoyear review, ISO agents verify certain protocols are followed project management criteria are met. The certification is an industry guideline on how to be organized to achieve levels of quality control, compliance and continual improvement of products.

ISO certification requires renewal approximately every two years, since procedures evolve. Firms committed to ISO need to demonstrate that their practices have evolved with the requirements.

Although Gehtsoft has a certain humility in not overstating all they do, there is certainly pride in their name. It’s a family business with a commitment to quality and a legacy of innovative solutions.

Originally a father-son business, Gehtsoft USA is now owned and operated by brothers Nikolay and Ivan Gekht. Ivan is the chief executive officer based in the Paramus, New Jersey office, which hosts marketing, sales and support; while Nikolay, the managing partner, is in charge of the technical development center in Cary, North Carolina.

Both brothers are graduates of Omsk State Technical University. Employees, most of whom also hold advanced programming

mobile applications to enterprise-level business solutions, both on Windows and Unix-based platforms—and have expanded as the needs of the company and the tools to address them evolved.

“The problem with a business like ours is the outsourcing environment and on-the shelf solutions convince people there is a ready solution, and yet, every business has its own criteria,” says Ivan. “How do we address this? We partner with our clients to determine their needs and manage our own employees. This allows us to compete on price, but over-deliver on quality and assurance.”

Consulting firms often work with multiple outsourcing agencies with varying degrees of control. Gehtsoft operates its own developers and programmers, guaranteeing a level of quality, customer interaction, oversight and service, while maintaining competitive costs.

Another obstacle is the inherent secrecy associated with innovation.

“If a company has an original business idea, they might try to develop it in-house first or not reveal all the details in the first rounds of discussion,” says Mr. Gekht. “We share a level of trust with our clients where we become partners in developing new solutions and technology. However, we know we have to earn that trust.

and engineering degrees/certifications, enjoy great benefits, long tenures and low turnover. Some of the original project managers who started with the company in Omsk in 2000 remain with the company, either back in Russia or in management roles in the New Jersey and North Carolina offices.

In 2008, Gehtsoft moved to the United States and is committed to the communities it serves. The company recently joined the Meadowlands Regional Chamber of Commerce and the New Jersey Chamber of Commerce to connect with their customers in the financial, technological, pharmaceutical and other industries, as well be part of the greater business population.

Gehtsoft USA delivers custom software applications across all platforms. The company targets anyone who needs custom solutions and works with small to large companies, even investing in innovative companies where the software solutions were irresistible. For more information on how Gehtsoft can create custom software solutions for your company, contact Gehtsoft USA, www. gehtsoftusa.com or (201) 820-1281.

Pamela Tully is a freelance writer, editor and marketing professional. She can be reached at pmtully@gmail.com.

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Golden Years Retirement planning tips & strategies

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e all have a different idea of retirement—some of us hope to travel, enjoy a favorite hobby or spend more time with the grandkids. Others may want to pursue an advanced educational degree or buy a vacation home.

Whatever our ideal “golden years” may consist of, it will take careful planning and sage financial advice to make those dreams come true.

The big picture According to financial experts, most of us will need between 70 and 80 percent of our pre-retirement annual income to live comfortably after we have left the workplace. That is, however, if there are no major financial obligations hanging over our heads.

“There are many factors that come into play for that number to be realistic,” said Robert Petrocine, financial advisor with Ameriprise Financial, Saddle Brook. “For instance, are you in good health? Do you have mortgage payments or high credit card debt?”

We cannot predict unexpected events, such as serious medical problems or a catastrophic disaster that could severely impact our financial resources.

“But we should be as prepared as possible,” said Petrocine.

Consult the experts Comfort and trust are the key elements when it comes to seeking advice, said Frank Pawlowski, co-managing director of Hunter Group CPA LLC in Fair Lawn.

“Financial planning is such a personal discussion, so feeling

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comfortable in trusting this person and their company is important,” he said. “Ideally, the best person to speak with is someone who has a neutral point of view about your money.”

He suggested that finding a company with advisors near your age might be a good place to start, as you hopefully will establish a lifetime relationship with someone you know.

A certified public accountant (CPA) and credentialed financial planner are excellent resources to help you achieve your goals.

A CPA also might provide sound tax strategies that fit into your wealth management plans, Pawlowski added.

Petrocine advised that finding the right fit can make all the difference down the road.

“Don’t just assume that because you’re paying someone that he or she will do what’s best for you,” he said. “Don’t be afraid to interview them, too, before making any commitment. After all, who is that person going to be that will take the ride with you? Ideally, it’s someone who will be looking out for you.”

Save early and often The idea of saving for retirement can be a hard concept to grasp if you are a teenager with a summer job or a young person just starting a career.

But that is precisely the time to start to build that nest egg, said Pawlowski.

“Ideally, as soon as a young adult enters the work force, they should begin putting aside a few dollars a paycheck into some retirement savings vehicle,” said Pawlowski. “Early saving, even if

it’s small amounts, will yield tremendous benefits when retirement is reached.”

Pawlowski explained that because investments grow exponentially over time, even moderate savings per month can yield substantial dollars. For example, a one hundred a month investment at five percent left to grow over twenty years would give you approximately $42,000 in savings, he said.

“Keep investing at that rate for another decade and your nest egg can grow to $84,000. That is a powerful and compelling reason to save,” said Pawlowski.

However, experts also concede that expenses, especially when you are young, tend to dominate your spending. A new car, summers at the beach, cool electronics are much more appealing than an IRA or savings plan—especially when you first get a taste of a paycheck, said Petrocine.

“If you learn early how to save a buck and have the discipline to keep at it, you could end up being that millionaire next door one day, or at the very least, comfortable in your retirement years, which is the real goal,” he said.

If you are still young and you can’t save enough right now, do not be discouraged. Your income is likely to grow as you progress in your career, which in turn will allow you to save more. Other opportunities to save also might arise, such as a bonus or inheritance.

“These can make a difference in your long-term prospects if you invest some of the money in retirement accounts,” said Petrocine.

Create a plan, budget and be realistic There was a time when Social Security and a company pension would be enough to bank on to support you in your golden years.

That simply is not the case for everyone anymore.

“Retirement is more than just savings,” said Pawlowski. “It is also about discipline in your lifestyle today to be able to enjoy your time after your working career has ended.”

It is important to make realistic estimates about what kind of expenses you will have in retirement. Be honest about how you want to live in retirement and how much it will cost. These estimates are important when it comes time to figure out how much you need to save in order to comfortably afford your retirement.

One way to begin estimating your retirement costs is to take a close look at your current expenses in various categories, and then estimate how they will change. For example, your mortgage might be paid off and you won’t have commuting costs. But your health care costs can escalate dramatically and your property taxes are likely to rise.

You should also determine how you can chip away at wasteful habits that are eating up a lot of your potential savings. That might mean nixing “guilty pleasures” such as fancy dinners or unused health club memberships.

“If you enjoy buying expensive clothes, new cars every few years and traveling to exotic places, chances are you’re spending most or all of your wages on today,” Pawlowski said. “Worse, if you live your life with credit card debt and consistently overspend, it will be difficult to achieve any sort of comfortable retirement.”

Ask yourself honestly: Where am I now? And where do I want to be in 20, 30 or 40 years?

“If you don’t have a budget, create one. If you do have a budget, revise it periodically to reflect your focus on the future,” said Petrocine.

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Continued from pg. 25

You can also delay your planned retirement date a few years, if possible. Working past the traditional retirement age will let you postpone withdrawals from your retirement accounts.

Your savings will have more time to grow, and you’ll reduce the number of years you’ll need to draw on them. Working longer may also let you delay earning Social Security benefits, potentially increasing the size of your monthly benefit.

Choosing the right savings plan There are a multitude of tax-advantaged retirement savings vehicles, but because everyone’s situation is unique, there are no onesize-fits-all solutions.

Here are some examples: • A ROTH IRA, which requires participants to pay taxes on the income they pay into the plan but grows tax free, and may be distributed all or in-part tax free.

• A traditional IRA defers the tax until funds are drawn years from now, either at retirement or with minimum withdrawals that are required once the individual reaches 70-1/2 years of age.

“Traditional IRAs assume that in retirement you will have a lower tax bracket and therefore will pay less in the future,” Pawlowski said.

• Many companies offer a 401(k) savings plan, where a percentage of income is invested through payroll deduction.

“You can quickly become adjusted to the income diversion, making it a pain-free savings plan,” Pawlowski said.

Also, many companies offer a matching plan.

• Some employers offer a profit sharing plan, where accounts are established for employees that share a percentage of the annual profits with their employers.

“It’s important for you and your advisor to look at all your options to determine what’s the best plan for your situation,” said Petrocine. “Ask questions. And as your situation changes over the years, rehash if necessary to make sure you’re getting the maximum benefit for you.”

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Playing catch-up “For many of us, the concept of retirement planning has always been hanging in our mind, but reality tends to get in the way especially when we’re young,” said Pawlowski, “And children, education and housing place big ticket life decisions in front of us.”

It is never too late to start saving, he added. “However, a late start might mean relying on riskier investments that yield higher returns in order to reach your goals.”

If you are in your 40s or even your 50s and you have not gotten started yet, you are not alone.

Most people underestimate how much they will need to retire.

In addition, people are living longer, translating to more potential post-working years. No need to panic. There are still a few things you can do. The key is to do them now.

First, make the maximum allowed contribution to your savings plan and stick to it.

Pawlowski said the United States government permits individuals over the age of fifty to make additional contributions each year (up to $6,000 in 2015) into their 401(k) or $1,000 into a traditional IRA (Individual Retirement Account) as a “catch-up” contribution.

Revisit and adjust Recent activity on Wall Street is proof positive that markets rise and fall and can be quite unpredictable. Levels of income and expenses also fluctuate, so it’s important that you revisit your retirement plan every few years as your personal and professional situations change. For instance, if your retirement plan was done several years ago—before your second child was born, your mother-in-law moved in or your spouse started his or her own business—chances are your retirement plan is based on a lifestyle that is no longer relevant to what your goals are now.

“There is no definitive way to predict what will happen down the road. Life situations change all the time,” said Petrocine. “But having some foresight and adjusting accordingly can make it a much smoother and more comfortable journey into retirement.”

Angela Daidone is a freelance writer, editor and public relations specialist. She can be reached at adaidone@aol.com.

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RETIREMENT & ESTATE PLANNING

Estate Planning

Going beyond the basics to cover yourself & benefit your family

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any people make the mistake of believing that if they have created a proper will, power of attorney and an advance directive for healthcare, they have satisfied their estate planning needs. These are the basic requirements, but they must be supplemented with appropriate retirement planning, if applicable, since a significant portion of many client’s assets, their tax deferred retirement accounts—traditional IRA’s, 401(k)’s and 403(b)’s—are not covered by their wills.

People should discuss with their estate planning attorney the following issues regarding their Retirement Accounts: 1) Who will be the primary and contingent beneficiaries?

2) How long can the beneficiary defer withdrawals from the account and the attendant income tax liability?

3) Is there a compelling reason to name a trust as a beneficiary and how should it be done?

4) What is the most tax efficient source of payment for estate taxes on the retirement account?

The designation of your primary beneficiary or beneficiaries and those to succeed them if they predecease you is both a “family planning decision” and a “tax planning” decision. The tax planning component involves a basic understanding of the internal revenue code. The required minimum distribution (RMD) rules specify how long a taxpayer (and after the taxpayer’s death, the beneficiary) may defer withdrawal from a retirement account.

A taxpayer can obtain the most favorable income tax results for retirement accounts by naming the taxpayer’s spouse as the primary beneficiary. A surviving spouse is the only person who has the option of rolling over the retirement account into his or her own IRA. Often the simplest way to accomplish the rollover is to retitle the account into the surviving spouse’s name. By rolling over the account, the surviving spouse can defer withdrawals from the account until the spouse turns 70 ½ years of age; any other

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non-spouse beneficiary must begin taking withdrawals the year after the taxpayer’s death.

In addition, the spouse can name his or her own beneficiaries of the “rollover” IRA. Those beneficiaries may use a life expectancy payout; when other beneficiaries of a retirement account die, the RMD continues to be based on the deceased beneficiary’s life expectancy.

If someone other than the spouse is the beneficiary, the beneficiary’s RMD depends on whether there is a “designated beneficiary” of the account as that term is specifically defined in the treasury regulations.

The term “designated beneficiary” does not just refer to the individual or entity named by the taxpayer to inherit the account after death; rather, it is a specific tax concept. Although individuals and certain qualified trusts can be “designated beneficiaries”, estates, charities and business entities are not “designated beneficiaries”.

If there are multiple beneficiaries of a retirement account, then the RMD is based on the life expectancy of the oldest beneficiary. However, if separate accounts are established for each of the beneficiaries, then the RMD rules will apply separately to each separate account and will be calcuOCTOBER/NOVEMBER 2015

lated based on the individual beneficiary’s life expectancy.

To establish separate accounts, the beneficiaries’ interests in the account must be fractional (not pecuniary). In addition, some affirmative act must establish the separate accounts—for example, a physical division of a single account into completely separate accounts or the use of separate account language on the beneficiary designation form. Whenever possible, it is best to create the separate accounts with appropriate language directly on the beneficiary designation form.

Because of the complexity associated with using a trust as a designated beneficiary, a revocable trust should be avoided as the beneficiary of retirement accounts in most cases. Before naming a trust as a beneficiary of a retirement account, the attorney and the client should confirm that the reasons to name a trust as a beneficiary outweigh the time and costs associated with establishing a qualified trust.

The client may decide that the protection provided by a trust is more important than the potential lost ability to plan for income tax deferral that often can occur by naming a trust as beneficiary. A trust may be more attractive if a life expectancy

payout option or spousal rollover is not important to the client or not available.

There are a number of reasons to use a trust as a beneficiary of a retirement account. A trust can limit the beneficiary’s control over the trust assets. Trusts can potentially provide the beneficiary with creditor protection, including protection from division in the event of the beneficiary’s divorce. Finally, a trust can be used to exclude the trust assets from the estate tax at the beneficiary’s death.

If one of these reasons is more important than allowing the beneficiary to defer withdrawals from the retirement account in order to defer income taxes, then a traditional trust can be named as the beneficiary of the retirement account.

The taxpayer should be aware, however, that the beneficiary will lose possible income tax deferral opportunities. If a taxpayer qualifies a trust as a designated beneficiary, then the trust may make withdrawals from the account based on the life expectancy of the oldest beneficiary of the trust—that is, the trust’s RMD is based on the age of the oldest beneficiary.

Naming a trust is crucial in certain circumstances. For example, if the beneficiary is a disabled child who relies on government benefits, a special-needs trust should be used. Clients often use trusts when the beneficiary is a second spouse and the client wants the spouse to have limited access to the trust principal. Additionally, in order to increase the likelihood that the client’s children will receive an inheritance, a parent may wish to use a trust if the beneficiary is a minor, is a spendthrift, or has substance abuse problems. Finally, retirement account assets can fund a credit shelter

trust for estate planning purposes.

In these situations, the client may decide that the reason for the trust may outweigh the possible lost income tax deferral.

Fortunately, the regulations do describe a type of safe harbor trust that the IRS will treat as designated beneficiaries.

Such trusts are often referred to as “conduit trusts.” A conduit trust requires a trustee to distribute all of the retirement account withdrawals by the trust to the beneficiary.

As the trust may not accumulate any assets withdrawn from the retirement account, the IRS allows the beneficiary to be treated as the oldest beneficiary. Although conduit trusts have the advantage of certainty because they are specifically described in the treasury regulations, they also have major disadvantages.

For example, a conduit trust cannot accumulate retirement account withdrawals inside the trust. This is often contrary to the intent of the client, who is often specifically using a trust to prevent the retirement account assets from being distributed to the beneficiary for one reason or another.

A trust that allows accumulations of retirement account withdrawals (an “accumulation trust”) should qualify as a designated beneficiary if certain provisions are added to the trust, the details of which you should discuss with your attorney since they may require careful drafting. If properly drafted, an accumulation trust can help coordinate a taxpayer’s retirement account with his or her estate plan.

Retirement accounts are not only subject to income tax when distributed to the beneficiary, but they are also subject to estate tax at the death of the owner. For the year 2015, the combined effect of the 40 MEADOWLANDS USA

percent federal estate tax, a top federal income tax rate of 39.6 percent, and a possible state income tax can be debilitating.

This heavy tax burden makes tax-deferred retirement accounts an interesting source for charitable bequests at death, as charities are exempt from the income tax.

These taxes may be payable from the taxpayer’s probate estate or a trust, or they may need to be paid by a withdrawal from the IRA. A client’s estate planning documents should be drafted to ensure, to the extent possible, that any tax due is paid from nonretirement assets as the withdrawal of retirement assets to pay taxes will cause additional income tax.

The portion of one’s estate planning that includes retirement documentation planning, because of the IRS Regulations that apply to them, results in certain complexity that you can work though with your estate planning attorney. If done properly, this can provide meaningful and productive family planning, as well as tax planning, for those who will benefit from your retirement documentation for years—and possibly decades after your demise.

Richard Jon Contant, Esq., is a Trusts & Estates Law Partner resident in Archer & Greiner’s Hackensack office. Archer & Greiner PC is a full-service regional law firm with more than 175 lawyers and eight offices that has been serving Fortune 100 clients, small to medium-sized businesses and individuals for more than 80 years. Archer & Greiner is a proud member of the Meadowlands Chamber. meadowlands.org

OCTOBER/NOVEMBER 2015

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RETIREMENT & ESTATE PLANNING

Where There’s a Will

Basic estate planning documents during life & after death Last will & testament

A “last will and testament” sets forth your intentions regarding the distribution of your probate estate upon death. The probate estate means assets that are in your name alone with no right of survivorship, beneficiary or payable on death designation. All other assets are non-probate assets and it is important to review beneficiary designations to determine if the assets will pass in a manner consistent with your intentions.

A living trust sets forth the management of assets and income during your lifetime and the distribution of assets upon your death. The distribution upon death provisions contained in a living trust could provide numerous benefits if you own assets in multiple states. The trustee of a living trust could easily distribute assets to trust beneficiaries without obtaining letters of executorship in multiple states where the living trust owned property.

If a person dies without a will, the disposition of probate assets is determined by state law. In New Jersey, if a decedent has a surviving spouse or domestic partner, the estate is distributed entirely to the sur-

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viving spouse/civil union partner only if there are no descendants or parent of the decedent surviving or all of the decedent’s surviving descendants are also descendants of the surviving spouse/civil union partner and there is no other descendant of the surviving spouse or domestic partner who survives the decedent.

On the other hand, any part of the intestate estate not passing to the surviving spouse or the entire intestate estate if there is no surviving spouse, passes to the following individuals in order:

1. To the decedent’s descendants; 2. If no surviving descendants, to

the decedent’s parents equally if both survive, or to the surviving parent;

3. If no surviving descendants or

parent, to the descendants of the decedent’s parents;

4. If no surviving descendant, parent or descendant of a parent, half of the estate to the decedent’s

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paternal grandparents or to the descendants of the paternal grandparents and the other half passes to the decedent’s maternal relatives in the same manner;

5. If there is no surviving descendant, parent, descendant of a parent, or grandparent, but the decedent is survived by one or more descendants of grandparents, the descendants take equally if they are all of the same degree of kinship to the decedent;

6. If there are no surviving de-

scendants of grandparents, then the decedent’s step-children or their descendants by representation.

Power of attorney

A power of attorney is a written instrument by which an individual, known as the principal, authorizes another individual, known as the agent, to perform specified acts on behalf of the principal.

The power of attorney is an effective planning tool for those who anticipate needing assistance with financial matters.

Ideally, a client executing a power of attorney chooses a trustworthy agent who acts for the client’s benefit, avoiding the need for a guardian, the associated court costs and a public determination of incapacity.

By giving another person authority to manage one’s financial affairs, however, the client may risk misuse of the power of attorney by the agent. Power of attorney forms are widely available on the internet allowing a principal to sign a simple document that conveys extraordinary powers without the benefit of counsel.

The popularity of the power of attorney has contributed to its use in transactions more complex than originally intended by the law. An unscrupulous agent acting under a broad power of attorney may have authority to conduct transactions that are not in the principal’s best interest such as transferring the principal’s property without notifying the principal.

In an effort to curtail abuses of powers of attorney, states like New York have adopted statutes that address execution requirements, fiduciary obligations, limitations of the authority of the agent and the standard of care required of the agent.

A general durable power of attorney becomes effective upon signing and continues regardless of the principal’s subsequent disability. The power of attorney should include sufficient powers to allow your agent to conduct your financial affairs. For example, the agent should have authority to perform banking transactions, conduct IRA and other qualified retirement plan transactions, pay debts, defend and settle claims, buy and sell stocks and bonds, execute contracts, act as a partner in any partnership association and to buy or sell real property.

Advance directive

Advance directives for healthcare include the designation of a healthcare representative (healthcare proxy) and/or a statement of personal wishes regarding healthcare in the event of loss of decision making capacity. The healthcare representative is appointed to make medical decisions at any time a person cannot give informed consent to a health care provider.

Once operative, the designated health care representative has the legal authority to participate in the decision-making process and to make healthcare decisions on the patient’s behalf. It is best to appoint one individual health care representative with successor(s) to serve if the initial representative does not serve.

New Jersey law provides the declarant may direct the appointed health care representative to consult with any other person(s) in the course of the decision making process. A proxy directive may be a standalone document or incorporated with an instruction directive (living will).

An instruction directive expresses the person’s wishes at such time or times as he or she shall be unable to make medical decisions. It primarily sets forth whether life sustaining treatment shall be provided or withheld when the person is in an endof-life condition. However, a competent patient’s contemporaneous wish that medically appropriate life sustaining treatment be provided takes precedence over any decision made by a healthcare representative or any contrary statement in an instructive directive.

A valid advance directive must be signed by the patient in the presence of two

witnesses who are not named as representative in the documents, or alternatively, in the presence of a notary or attorney. Advance directives may be revoked by oral or written notification or by the execution of a subsequent directive.

What happens if there is no power of attorney or advance healthcare directive?

A competent adult may execute a power of attorney or an advance directive for healthcare or petition the court to appoint a conservator at any time. On the other hand, an incapacitated person is unable to execute such documents. In such case, a surrogate decision maker can only be appointed by the court in a guardianship action. There are three types of guardians: general, limited and temporary.

In order for the court to appoint a general guardian, the court must find that the person cannot govern his/her affairs.

A general guardian exercises all rights MEADOWLANDS USA

and powers of the incapacitated person.

The Court may appoint a limited guardian when it finds that the individual lacks the capacity to do some, but not all, tasks necessary to care for him/herself.

The use of a power of attorney and health care directive appointing a healthcare representative in most cases can avoid the necessity of a court action to appoint a guardian.

Regina M. Spielberg, Esq. is a partner with Schenck, Price, Smith & King, LLP. As an estate planner, she assists clients with the orderly and tax efficient transfer of assets during life and after death, including preparing estate planning documents. Spielberg is a Fellow of the American College of Trust and Estate Council and past chair of the New Jersey State Bar Association’s Real Property, Trust and Estate Law Section.

meadowlands.org

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Retire Early

Tips to retire timely & comfortably

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longside home ownership, early retirement is a long-held American dream. But in recent years, planning for retirement itself, let alone an early one, is not getting any easier.

In 1991, half of all American workers planned to retire before they reached the age of 65. Today, that number has plunged to just 23 percent.

And that is not the only alarming statistic. A study conducted by Boston College’s Center for Retirement Research reported that American workers are $6.6 trillion short of what they need to retire comfortably. Meanwhile, over the next five years, the health and medical insurance industry’s revenue is forecast to increase at an average annualized rate of 5 percent to more than $865.8 billion—putting even more pressure on most Baby Boomers’ underfunded retirement nest eggs, according to Financial-Planning.com.

But if you are 10-20 years away from your desired retirement age, there are still some things you can do now as a small business owner to make it easier for you to retire on your terms.

1) Cash flow positive? Invest!

If you are new to business ownership, start putting money aside as soon as you have sufficient cash flow to do so—meaning you are generating enough income to cover your expenses and debts.

Start as soon as you can and invest in tax-efficient retirement plans such as an SEP IRA, a SIMPLE-IRA, a traditional 401(k), a Solo 401(k), a traditional IRA or a Roth IRA.

2) Have a solid financial plan & revisit it often.

Planning on retiring on the earnings from the sale of your business? Is that going to be enough? What happens if market conditions change, or unexpected liabilities or risks occur that threaten the worth of your business?

Just as you need a living, breathing business plan to steer your business on its course, it is just as important to have a fi-

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nancial retirement plan that tells you, independent of your business assets, how much you need to set aside for your retirement.

Proper planning should take into account tax planning, investments, employee costs (including health insurance, wages, benefits, etc.), profit-sharing plans and succession goals.

Spend some time with an independent financial advisor now and throughout your business career to constantly and holistically assess and manage business risks/ opportunities.

3) Build your business as an asset.

Seventy percent of small businesses are run by sole proprietors, but your business is about more than just you. Look for ways to grow it as a sustainable and attractive asset so that it’s profitable even when you are not there – and retains its appeal to potential buyers.

4) Get the right healthcare plan today!

Do not wait to see what Medicare will and will not cover by the time you retire, or you run the risk of spending all your retirement savings on medical bills. Plan now for long-term health care—talk to a trusted insurance broker (ask around for referrals) or check out Healthcare.gov to understand your options.

5) Plan your exit strategy now.

How can you retire without destroying the business you spent a lifetime building?

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Your business may be your largest asset, and deciding what happens to it can impact your retirement income, your family’s wealth and the life of the company after your departure.

Even if you are only just starting out, you should address these questions now because the future is uncertain. Consult with a business valuation or exit strategy specialist to optimize your return and protect your lifelong investment.

6) Keep on working?

Can’t imagine retiring full time? Know you are going to need some additional income and benefits after you retire? There are many post-retirement career options to consider, but as more retirees look for part-time or freelance work, it is going to become an increasingly crowded space. So plan ahead now.

Starting another business post retirement might also be an attractive option.

Stay tuned for more articles about starting a business post-career.

Caron Beesley is a small business owner, a writer and marketing communications consultant. Caron has worked with organizations including the Small Business Administration (SBA.gov) and private companies to promote essential resources that help entrepreneurs and small business owners start-up, grow and succeed. Follow Caron on Twitter: @caronbeesley.

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LESSONS IN LEADERSHIP

Tell It Like It Is

Constructive feedback is key to helping your team grow

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egardless of what we do professionally, the only way we can truly improve our performance and leadership is to receive and accept critical feedback without being defensive or argumentative. Exceptional leaders recognize this and are committed to providing constructive feedback to help their team members grow.

The following tips and tools will help you give critical feedback even when it is hard for your team members to hear: • Be as specific as possible. Employees need to know exactly what they need to do to improve their performance and contribute to the team in a more productive fashion. For example; “Mary, you did a great job on the Jones report. Let’s take it a step further. I noticed that you didn’t go into great detail on what you think our options are. Next time, make concrete recommendations that evaluate the costs and the risks.”

The key is to give people information that they can do something with.

Conversely, if you say; “Way to go on the Jones report, Mary.” That is okay to a point, but sooner or later Mary needs to know exactly what she needs to do to improve.

• Avoid judgmental comments. Statements or comments that can offend or otherwise insult cause people to become unnecessarily defensive. When this happens, the likelihood of your feedback being embraced and understood decreases significantly. For example, “Mary, you need to be more enthusiastic about working here. Your casual attitude is starting to affect your work.”

First of all, what exactly does “enthusiastic” mean? That’s a very sub-

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jective word. Further, how exactly is Mary’s lack of enthusiasm affecting her work performance? The problem is that the leader has said nothing that Mary can use to improve her performance. Instead, ask the team member a probing question that gives them the opportunity to explain the behavior you have been observing without coming across as judgmental. An important leadership lesson to remember is “Ask before you assume.”

When you understand the situation you will be able to more effectively offer practical advice the other person can use.

• Give feedback face-to-face. Sure, e-mail, faxes and phone messages can compliment your coaching efforts, but the most powerful and effective feedback is usually in person. This allows leaders to read body language and attempt to interpret the other person’s reaction to feedback being given. It’s hard to do that when you are interacting via technology.

In any case, coaching I do via phone or video conference is only effective once a face-to-face personal connection is well established.

• Give feedback as quickly as you can.

Too often, leaders wait too long to talk to an employee about something they are concerned about. The problem is that your feedback is often lost. This is

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particularly true when giving positive feedback—recognize people’s efforts immediately.

• Keep a positive attitude. If someone on your team is falling behind or has missed a deadline ask, “What obstacles or issues are in the way of you meeting the goals we agreed on?”

The key is to frame feedback in a positive fashion as opposed to assigning blame or fault. After all, the purpose of giving feedback is not simply to chastise an individual it is to help him or her improve and develop.

NOW… YOUR TURN: What do YOU think is the most effective way to provide constructive feedback to employees? Write to me at sadubato@aol.com.

Steve Adubato Ph.D., is the author of numerous books including his latest, You Are the Brand, and his upcoming book,Lessons in Leadership. He is also an Emmy Awardwinning anchor on Thirteen/WNET (PBS) and NJTV (PBS) who regularly appears on CNN, FOX News, and the Today Show.

Steve also provides executive leadership coaching and seminars for a variety of corporations and organizations both regionally and nationally. To read more Lessons in Leadership visit www.Stand-Deliver.com.

Find and follow Steve on Twitter and Facebook at: @SteveAdubato @SteveAdubatoPhD

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COMMUNITY ENGAGEMENT

Socially Responsible Businesses

The differences between benefit corporations & certified b corporations

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ost people start a business with one key objective in mind— making a profit. Yet some companies seek out not only to profit but also to provide a tangible benefit to society and the environment. These companies, depending upon a few specific criteria, are classified as Benefit Corporations or Certified B Corporations.

Confused by the difference between the two? Didn’t even realize there was a difference? You are not alone—it’s one of the most confusing aspects of a recent movement for companies focused on giving back. Benefit Corporations and Certified B Corporations have a lot in common, but there are a few key differences.

Benefit Corporations

New Jersey, along with 31 states and Washington, D.C., has passed laws creating a new type of corporation—the Benefit Corporation (often referred to as “Benefit Corp”). Benefit Corporation status involves a separate process available to companies in every state. These companies pledge to think about people and the planet in addition to profit (most are committed to a specific social mission), but Benefit Corporations voluntarily work against standards of corporate purpose, accountability and transparency.

Benefit Corporations have a corporate purpose to create a positive impact on society and the environment, and are required to consider the impact of decisions on workers, the greater community, shareholders, and the environment. And while Benefit Corporations are required to provide an annual benefit report that is available to the public, benefit corporations do not have to be audited or certified.

In addition to 31 states and Washington D.C., five additional states are currently working on laws for benefit corporation status. You can explore New Jersey’s Benefit Corporation law status at benefitcorp.net, but as always, it’s best to consult your tax advisor or attorney if you’re considering transitioning to Benefit Corp or Certified B Corp status.

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Certified B Corporations

Certified B Corporations are similar to Benefit Corporations but not identical. Certified B Corporations (also referred to as “B Corps” or “B Corporations”) are for-profit companies that pledge to achieve social goals as well as business ones and are certified by the nonprofit B Lab to have met rigorous standards of social and environmental performance, accountability, and transparency.

It’s similar to USDA’s certification for organic milk or a LEED certification for a green building, with one key difference—a B Corp certification evaluates the entire OCTOBER/NOVEMBER 2015

company (environmental footprint, community involvement, governance structure, worker engagement, etc.) rather than just a single aspect like a building or a product in the examples above.

The broad evaluation is key because it helps to distinguish the companies that are focused on doing good from companies that just happen to do good marketing. There are now more than 1,000 Certified B Corps in the United States, including well-known companies like Ben & Jerry’s and Patagonia. All of these companies share a similar goal in that they are working to redefine what business success is—they are hopeful

that companies will continue to compete and do what is best for the world around them.

B Corps are for-profit companies and are taxed the same as any other corporation—but to become certified, your business may need to amend its governing documents or adopt benefit corporation status (see above) to meet the legal requirements for certification for your state of incorporation and corporate structure.

As with any restructuring, your business should engage key stakeholders, legal counsel and investors about the usefulness and implications of adopting these legal changes for raising money, selling your business and determining directors’ liability.

If your business is a corporation, you will need to file your amended articles with your Secretary of State within one year.

Business benefits

The belief that businesses exist solely to make a profit can have an impact on how companies operate. Focusing on your business’s positive impact on society and the environment comes with benefits. Here are a few to consider: • Benefit/B Corp status can help companies attract and retain top talent and customers.

• Millennials, which represent half of the global workforce, want work with meaning—a recent study by Intelligence Group found that 64 percent of millennials would rather make $40,000 annually at a job they love and care about than $100,000 at a job they find boring or less meaningful.

• According to BBMG, 73 percent of

consumers consider the company, not just the product, when making a buying decision.

• Consumers often align purchases with their values—86 percent of consumers are more likely to trust a company that shows the impact of its cause efforts, according to Cone Communications.

Drawbacks

There are also some drawbacks to consider if you’re exploring the pros and cons of Certified B Corp/Benefit Corp status: • If you have shareholders, you will also have expanded reporting requirements in order to provide shareholders with enough information to determine if your business is achieving its stated purpose.

• If you have shareholders, they can bring charges against the company for not carrying out its social mission— just as they could sue directors of traditional companies for violations of fiduciary duty.

• These designations are fairly new as far as legal entities go, so it is not entirely clear how courts will interpret mandates to not only seek profits, but to consider potential benefits to society.

As such, the impact on raising capital and on how angel investors and venture capitalists could react is still unknown.

Getting started

There are a few legal requirements to consider when thinking about Benefit Corporation or Certified B Corp status. When MEADOWLANDS USA

it comes to your company name, Benefit Corps and Certified B Corps do not need to make any reference to benefit status within the corporate name. You won’t need to alter the name you have chosen for your business, nor would you need to tailor your name brainstorming any differently than if you were considering a standard C Corporation. You will be required, however, to state your Benefit Corp/B Corp status in your articles of incorporation, and you may want your articles to highlight a specific purpose (like benefitting the arts, improving public health, etc.)

Finally, the share certificates of a Benefit Corporation must specifically state the benefit nature of the corporation. Certified B Corp and Benefit Corporation legal requirements may vary between states, especially when it comes to provisions relating to shares and their transfer, so be sure to research your local laws.

For entrepreneurs, business owners, worker and consumers, the introduction of Certified B Corps and Benefit Corporations is an exciting development because it enables community and environmentally-minded business owners to preserve their social goals without sacrificing the ability to make a profit.

Are you using your small business as a force for good?

Sarah Field is an author and moderator for the SBA.gov Community. She writes on topics of starting and managing a business. meadowlands.org

OCTOBER/NOVEMBER 2015

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HUMAN RESOURCES & OPERATIONS

Lead & Empower

Incenting your employees will grow your business

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mployees are an essential part of your business and brand. If they come across as unwelcoming or uninterested, you run the risk of rubbing your customers the wrong way. Unhappy employees can lead to assumptions about whether or not your business is a great place to work—and whether or not customers want to give you their business.

There are countless studies highlighting the links between strong employee morale and satisfaction and customer satisfaction. So how do you make sure your employees are happy and satisfied?

“Happy” and “satisfied” are subjective terms, but typically, satisfied employees are those with a sense of well-being. This includes the presence of positive feelings like joy and interest, and the absence of negative feelings like apathy and sadness.

In the same way that positive feelings can enhance an employee’s ability to find meaning in his or her work, those feelings can also play a role in that employee’s performance and growth.

Here are some tips to foster a positive work environment and empower your employees: 1. Start by being a good leader. You might be a good manager, but are you a

good leader? It’s often said that while managers manage people, leaders lead people.

In addition to managing projects and workload, make sure you’re also focused on inspiring your team to excel and succeed.

you are and may be more likely to know the right call to make. Remind them that as they make decisions that they need to consider customers, the team, and your business profitability.

2. Give them quality time with strong leaders. As a leader, it’s important for you to listen and show that you care about your employees’ work, concerns, and aspirations. Whether you introduce a mentor/ protégé program or a few extra one-on-one meetings, your employees will be more engaged and productive when they feel seen and heard. If you have a larger business with a hierarchal reporting structure, it’s also important to give recognition to your management team. If they already get workplace face time with you due to their positions, consider a social outing like a lunch or a social event for the entire management team.

4. Encourage creativity. There are always new challenges to address and better ways to do things; let your employees get creative when it comes to dealing with common business issues. Whether it’s suggesting a process improvement for managing inventory or researching a new technology solution for your invoicing system, give your employees room to creatively address everyday challenges.

3. Encourage empowered behaviors.

Employees who have a strong sense of well-being are also more likely to take on new challenges and to play a wider role in the success of your business. When possible and with parameters, let your employees make some decisions independently of you when they are closer to the action than

5. Hold “lunch and learn” sessions.

These meetings give your employees the opportunity to learn and connect with one another during the lunch hour. Determine a clear topic ahead of time and tee the sessions up to be both informative and interactive. Whether you’re discussing team goals and performance, holding a “show and tell” with a partner or a particular team, or bringing in a guest speaker or outside resource, getting everyone together in one room can shed light on new ways of doing things and make the lunch hour energizing and engaging.

6. Don’t forget to say thank you. We all appreciate being thanked, but taking the extra step to use a hand-written note, a gift card, or other gestures to recognize achievement can make a big difference in making employees feel appreciated.

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Sarah Field is an author and moderator for the SBA.gov Community.

She writes on topics of starting and managing a business.

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HEALTH & WELLNESS

Cadillac Plans

Additional guidance on the excise tax

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eginning January 1, 2018, a 40 percent excise tax will apply on the cost of applicable coverage that exceeds prescribed thresholds. Commonly, this is referred to as the “Cadillac Plan Tax.” The 2018 thresholds are $10,200 for self-only coverage and $27,500 for coverage other than self-only. These thresholds are annualized and adjusted in certain circumstances.

The IRS issued Notice 2015-16 to begin the process of developing regulatory guidance regarding the excise tax on high cost employer-sponsored health coverage.

On July 30, 2015, the IRS issued additional guidance in the form of Notice 2015-52. Rather than providing instruction, the notice identifies issues and describes potential approaches which could be incorporated in future proposed regulations and invites comments.

After considering the comments on both notices, Treasury and IRS intend to issue proposed regulations. The proposed regulations will provide further opportunity for comment, including an opportunity to comment on the issues addressed in the preceding notices. Proposed regulations are not expected before 2016.

Specifically this notice addresses: • The effective date • Identification of who is liable to pay the tax • Determining the cost of applicable coverage • Adjustments to the $10,200/$27,500 thresholds based on age and gender • Allocation of the tax among multiple coverage providers • Employer aggregation rules • Payment of the tax

Effective date

The Cadillac Plan Tax is effective for “taxable years beginning after December 31, 2017.” The Notice confirms that a taxable year is anticipated to mean a calendar year, not a plan year so that the effective date is January 1, 2018 for all plans.

If a non-calendar year plan needs to make changes in order to avoid the tax, such changes must be done either with the 2017 plan year renewal or through a mid-year plan change on or before January 1, 2018.

Identification of the payer

Under the ACA, the employer is required to determine the amount of the Cadillac Plan Tax on a monthly basis and then allocate that tax among “coverage providers.” So, while the employer is the party required to calculate the tax, the coverage provider is the entity responsible for paying the tax.

The “coverage provider” is the insurer for an insured plan and the employer for an HSA. For self- funded plans, the coverage provider is the “person that administers the plan benefits” which is not further defined. The IRS proposes two approaches for consideration:

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• Under the first approach, the coverage provider would be the person or entity responsible for performing day-today functions related to administration of the plan (e.g., processing claims or handling participant inquiries). This would be a third party administrator (“TPA”). This would likely be challenging in the case of multiple TPAs (e.g., one for the medical plan, one for the prescription drug benefit and one for the health FSA).

• Under the second approach, the coverage provider would be the person or entity that has the ultimate authority or responsibility with respect to administration. Generally, this would be the employer.

Calculation of the cost of applicable coverage

Determination period: To determine excise tax liability, an employer must determine the extent, if any, to which the cost of applicable coverage provided to an employee during any month of the calendar year exceeds the prescribed dollar limit. As the amount of the tax is calculated per employee per month over the calendar year, the IRS sees potential timing issues to calculate these amounts. In addition, some arrangements create additional complexity to determine the amount over the threshold in any month (e.g., experienced rated contracts or plans with a premium discount or holiday). The IRS seeks further comments on these issues.

Excluding income tax reimbursements from the cost of applicable coverage: If an entity other than the employer is responsible for paying the excise tax, that entity will likely pass the cost of the tax through to the employer in the form of increased service fees.

The cost of applicable coverage does not include these amounts.

However, there could be income taxes incurred due to the additional service fees.

The IRS has requested comments on methods for excluding

income tax reimbursements, including what tax rate to use.

Annual contributions to account-based plans: The full annual contributions to account-based plans such as HSAs may be made as of the first day of the plan year or otherwise not on a monthly basis (e.g., on a quarterly basis). This could trigger the excise tax in the months of contribution because the cost of applicable coverage is determined on a monthly basis.

To avoid this result, the IRS indicated that it is considering an approach that would allow employers to apply annual contributions on a pro rata basis over the course of the year, regardless of the actual timing of contributions during that period.

Flex credits and carry-overs under health FSAs: The IRS stated that when an employer contributes nonelective flex credits to an FSA on behalf of an employee, the cost of applicable coverage includes: • The employee’s contributions; and • The amount of non-elective flex credits actually used for reimbursements (i.e., unused nonelective flex credits are not included in the cost of applicable coverage).

In addition, under a safe harbor, amounts carried over from previous years will not be included in the cost of applicable coverage. The IRS plans to restrict the availability of this safe harbor if non-elective flex credits are available.

Age and gender adjustments to the applicable dollar limit

The $10,200/$27,500 (as indexed) statutory thresholds can be increased based on the age and gender characteristics of all the employees of the employer in comparison to the national workforce.

The IRS is considering rules allowing employers to determine these characteristics based on a “snapshot” on the first day of the plan year. The IRS also indicated that it is developing age and gender adjustment tables to assist employers in applying the adjustment.

Employer aggregation

For purposes of the excise tax generally, all employers that are part of a controlled group are treated as a single employer. The notice asks for comments on the challenges this statutory requirement presents in iden-

MEADOWLANDS USA

tifying applicable coverage, determination of the age and gender adjustment, employees taken into account for adjustment for employees in high risk professions or who repair and install electrical or telecommunications lines, identification of the taxpayer responsible for calculating and reporting the excess benefit, and employer liability for any penalty in the case of failure to properly calculate the tax.

Timing and manner of payment

The agencies are considering using the same manner of payment for the Cadillac Plan Tax applicable to the PCOR fee—using Form 7202 for payment of the tax.

Patti Goldfarb is an employee benefits specialist and the owner of the Employee Benefits Advisors Group. She has written and spoken extensively about healthcare reform since its passage in 2010. If you would like more information about this program, Patti can be reached at (201) 255-6239 or pgoldfarb@ebagroup.net.

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OCTOBER/NOVEMBER 2015

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CONTINUING EDUCATION & BUSINESS LEARNING

New Facility & Name for MSU Business School Montclair State University cuts the ribbon on new business school building

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t a ribbon-cutting ceremony in September, for its new School of Business building, Montclair State University officially renamed the School of Business in honor of Mimi and Edwin Feliciano, two dedicated and dynamic supporters of the School.

“The Mimi and Edwin Feliciano School of Business embodies Montclair State’s commitment to providing students in our high-demand business programs with the highest quality academic experience in programs that are relevant to the emerging business environment,” said Montclair State University President Susan A. Cole. “The University is very fortunate to have the support and guidance of the Felicianos, who are outstanding examples of New Jersey business leaders and who are investing in today’s students knowing that they will become New Jersey’s future leaders, innovators and entrepreneurs.”

New Jersey’s Lt. Governor Kim Guadagno joined Cole and Mimi and Edwin Feliciano in the ribbon-cutting ceremony to signal the opening of the new building to students, alumni and the business community.

The new $66 million, 143,000-square-foot, six-story Feliciano School of Business building is a high-tech, interactive business learning environment for the 2,800 undergraduate and graduate business students. Among the building’s numerous noteworthy features are a financial trading floor providing real-world experience in building investment portfolios and analyzing real-time market data; a Financial Resource Center; 12 Bloomberg terminals; a 3D printing innovation lab with 35 3D printers; interview rooms for corporate recruiting; state-of-the-art classrooms and computer labs; a 150-seat lecture hall that will be used for executive speaker presentations and public events; and collaborative spaces for business networking, team building and group study.

“Eddie and I are both honored and deeply moved by this wonderful recognition,” said Mimi Feliciano. “Our proud association with Montclair State reflects our longstanding conviction that a combination of education, mentoring and encouragement will not only transform lives but also shape the leaders, thinkers and innovators that we need tomorrow.” According to Feliciano, she feels fortunate to have had her parent’s encouragement when she was growing up and later embarking on a career. “My mother and father believed in me, saw how much I could accomplish and taught me how to run a business,” said Feliciano. “That kind of inspiration is invaluable. Being part of Montclair State and the students is a way to pay back for the support that I and Eddie were both fortunate to have and also a way to pay it forward.”

One of the important assets of the School will be the Ellyn A. McColgan Student Services Center, which will provide business students with integrated and individualized academic advisement and career counseling and placement from the date of their admission to graduation and transition to the workforce. Ellyn McColgan is a graduate of Montclair State who rose to become a prominent business leader, including an extensive career at Fidelity, rising

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to the position of President, Brokerage Group for Fidelity Investments, responsible for nearly $700 billion in assets and 9,000 employees throughout the country.

“Today is an exciting time to pursue and advance a business career,” said Gregory Cant, dean of the Feliciano School of Business. “This new facility provides an exceptional and vibrant environment for our talented, ambitious students to master the latest skills required in the marketplace and is ready for tomorrow’s challenges and opportunities.”

According to Cant, the School offers undergraduate degree programs in Business Administration, Accounting and Economics,

along with several graduate MBA program options. It will continue to expand high-demand programs in Entrepreneurship; Accounting; and Sports, Events and Tourism Marketing. It also is developing new programs in Business Analytics, Forensic Accounting and Real Estate.

The School of Business is also home to the Feliciano Center for Entrepreneurship, led by Dennis Bone, former president and CEO of Verizon New Jersey. The Center is designed to foster an entrepreneurial mindset in students from all disciplines, including a special focus on nurturing women entrepreneurs and supporting the work of entrepreneurs throughout the state. Cant added, “With this focus, it is fitting that the Feliciano School of Business will become one of the few business schools in the country to be named, in part, for a woman entrepreneur.”

About Mimi & Edwin Feliciano

Mimi and Edwin Feliciano are widely recognized as leaders in the state’s business community and successful entrepreneurs. In 2001, the couple took over the Lincoln Park Healthcare Center, a family owned company, and built it into an industry frontrunner in short-term rehabilitation care. They introduced the JDT Medical Rehabilitation Center and Villa, a new model in health care facility design, which not only transformed short-term rehabilitation care in New Jersey but also set a new national standard of excellence. In 2012, the Felicianos sold the company and established FEM Real Estate LLC, which owns, manages and invests in commercial real estate throughout the United States.

Edwin Feliciano earned a BS in Business Administration from Montclair State University in 1982. Mimi Feliciano, who has served on the University’s School of Business Advisory Board

since 2009, has received numerous awards including being named one of NJBIZ’s Best Fifty Women in Business in 2014 and New Jersey Monthly’s 2014 Top 25 Leading Women Entrepreneurs.

Mimi and Edwin were honored at the 2012 Chilton Medical Center Foundation Gala and both received the University’s Carpe Diem Award the same year. Also in 2012, Mimi and Edwin Feliciano established the Feliciano Center for Entrepreneurship at Montclair State University.

“Mimi and Edwin Feliciano are enthusiastic, hands-on mentors to our students and have translated their concern for the economic future of New Jersey into action,” said Cole. “They share our belief that exceptional teaching and mentoring are what ultimately will ensure a bright future for our state and region. We are proud to recognize the Felicianos’ deep commitment to Montclair State by renaming the School of Business in their honor.”

Investing in today’s students

Together, the University’s new 107,500-square-foot Center for Environmental and Life Sciences and the Feliciano School of Business building represent a combined investment of $121 million in new academic facilities partially funded by nearly $94 million in state bond funding from the “Building Our Future” Bond Act approved by New Jersey voters in 2012. Recently, the University broke ground on a $53 million facility for its growing programs in Communications and Media.

In July, the University received a $20 million anonymous gift – the largest single donation it has received in its 107-year history – dedicated to supporting the programs of the Feliciano School of Business and advancing its mission of developing talent for a changing world.

MEADOWLANDS USA

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SMALL BUSINESS CORNER

Steady Stream of Business

Create a marketing calendar to maintain consistency and avoid sales slumps

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hether you own a B2B or a B2C company, every small business goes through times when they can barely keep up with their work—followed, all too often, by an extended downtime when business is super slow.

Why does this happen? Of course, some up and down cycles are inevitable— for example, retail sales will always be slower in January than in December. But in many cases, a sales slump can be avoided if you take the time to market consistently.

It is easy to neglect your marketing efforts when you are so busy dealing with customers that you can barely breathe.

However, if you want to maintain steady business and eliminate the worry that comes with roller-coaster sales, you must make time.

Follow these steps to get a grip.

First, update or create a marketing plan for your business. Your marketing plan lays out your marketing goals and how you plan to achieve them, including quantifiable targets (such as making X number of sales or attracting X new clients in the first quarter), the marketing and advertising methods you will use and your marketing budget.

If you have never done a marketing plan before, MPlans is a good resource for sample plans and marketing plan software.

Once you have your plan in place, it is time to create some action items to ensure follow-through. The best way to do this is create a marketing calendar. Your marketing calendar details the marketing activities you’ll undertake each quarter, each month, each week or even on a daily basis.

You will probably want to be more detailed during your biggest sales seasons— but do not neglect your traditionally slow seasons, either; after all, the whole point of the marketing calendar is to consistently market the whole year long.

When creating your calendar, make sure you build enough time for each activity. For example, if you want to run a cable TV commercial in November, you will need to allow enough advance time to

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plan the commercial’s content, tape it and purchase the airtime.

When your marketing calendar is complete, figure out who on your team will take ownership of each activity. Perhaps you handle most of the marketing, but put an employee in charge of social media.

Make sure everyone knows his or her responsibilities and due dates and has access to the marketing calendar.

What if you do not have enough staff to handle all the marketing activities you have planned? Marketing freelancers are easy to find, whether you are looking for someone to design a print ad or perform SEO for your website. You can ask other business owners for referrals or search online at the many websites that provide marketplaces for freelancers and employers to connect, such Guru or Elance.

You can also get more marketing done in less time by automating whenever possible. Social media management tools such as Hootsuite that enable planning and scheduling blog posts and other social content will free up time and help you keep to your calendar. You can also implement contact management or customer relationship management (CRM) software to send out automatic emails to customers based

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on trigger events and set reminders for you and your team.

Just as you set a marketing budget for how much money you will spend, it is equally important to budget how much time you will spend on marketing. You may need to devote more time to marketing at certain seasons of the year. But no matter how busy you get, make sure it never falls completely by the wayside.

Your marketing calendar will help you achieve this goal and ensure that you finally get off the roller-coaster ride that is making you so stressed.

Rieva Lesonsky is CEO and President of GrowBiz Media, a media company that helps entrepreneurs start and grow their businesses. Follow Rieva at Twitter.com/Rieva and visit SmallBizDaily.com to sign up for her free TrendCast reports. She has been covering small business and entrepreneurial issues for more than 30 years, is the author of several books about entrepreneurship and was the editorial director of Entrepreneur magazine for over two decades.

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INTERNATIONAL BUSINESS SPOTLIGHT

Getting Paid

How to reduce risk & secure payments from buyers overseas

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ny sale is a gift until you get paid.

But exporters are especially concerned, since their buyers might be 10,000 miles away!

So, understanding the four basic ways to get paid for an international order is important. The method you select will affect the risk you bear, the size of orders you might be able to get, and the financing you might require to fill the order.

The following are the methods of payment for the exporter, from the most to the least secure: Cash-in-advance: New exporters frequently request this method. Their attitude typically is, “I don’t know you very well but, if you send me the money, I’ll send you the goods.”

• Advantage: The exporter gets paid before the shipment leaves the U.S. If cash is received prior to production, the exporter will not need additional working capital.

• Buyer’s Perspective: It is high risk.

The money is gone with only the exporter’s promise to deliver.

• Drawback: It limits the exporter’s sales potential since it ties up the importer’s cash; can be a very non-competitive payment method if other suppliers are offering similar products or services.

Letter-of-credit: Letters of credit (L/C) substitute the creditworthiness of the importer and exporter with that of their respective banks.

• Advantage: The exporter will be paid if the terms and conditions of the L/C are met.

• Buyer’s Perspective: The funds won’t be released until shipment is made and terms met, but L/Cs can be expensive to open.

• Drawback: There are fees associated with opening and amending L/Cs; the

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importer’s cash is tied-up since cash or other assets need to collateralize the L/C, which in turn might reduce the order size. The exporter still might need additional working capital to produce the product or service, since L/Cs will not pay prior to shipment/ performance.

Documentary collections: This method uses the banking system for the exporter to send the necessary documents associated with the order to the importer.

• Advantage: The documents and goods are not released until importer pays or agrees to pay at some future date. If the buyer refuses to accept the documents and goods, the exporter retains title to the goods and can sell them to a third party or bring them back to the U.S. • Buyer’s perspective: Payment is delayed until goods are delivered, freeing up the importer’s cash until delivery.

• Drawback: No guaranty of payment, since the banks only act as intermediaries. The exporter will need to finance the production cycle, the shipment time, plus a longer period if the importer agrees to pay at a later date, until final payment is received.

Open account: Open account terms for international sales are similar to domestic open account sales. The buyer agrees to pay in a set number of days—typically 30, 60, or 90—from the invoice, shipment or delivery date.

• Advantage: More competitive terms which can help secure larger orders.

• Buyer’s perspective: May allow the buyer time to sell the goods prior to payment; does not tie up importer’s cash.

• Drawback: The goods are gone and the buyer might not pay. This risk can be greatly reduced by obtaining

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credit insurance from the Export-Import Bank of the U.S. on the foreign accounts receivable. Cost can be minimal, viz. about 65 cents per $100 of the invoiced amount for a policy that provides 95 percent coverage (Visit: www.exim.gov for details).

In addition, the exporter will need working capital both for pre-shipment or production costs and the post-shipment cost of carrying foreign accounts receivable.

Knowing the advantages and drawbacks to each method of payment can help to better prepare you for negotiating payment terms with your potential overseas customers. More details and support on these and other trade financing issues can be obtained by contacting one of SBA’s trade finance specialists in 20 U.S. Export Assistance Centers around the country. For a directory, visit: www.sba.gov/international.

Eileen Sánchez is an official at the U.S. Small Business Administration (SBA) and a contributor to the SBA blog at www.sba.gov.

TECH TALK

Windows 10

Should you stay or should you go?

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f you are upgrading to Windows 10 on a desktop or laptop PC from Windows 8, the Start menu you know is back.

But Microsoft has not simply just reinstated the old version from Windows 7.

Instead, it is completely redesigned it in a way that combines the best aspects of the last two versions of Windows.

Like before, the Start menu is in the lower-left hand corner. Microsoft is keeping the Live Tiles it introduced in Windows 8, but put them inside the Start menu. You can pin both modern and traditional apps to the Start menu, and there is easy access to settings, shutdown or restart, and a list of most-used apps complete with handy jump lists for apps like Word that handle files.

A black theme is the basis for Windows 10, but there are options to pick an accent color that can be shown on the Start menu, task bar, and the new Action Center. Across all three, you will notice subtle transparency effects have returned to Windows 10 from their roots in Windows Vista and Windows 7.

Navigating around Windows 10 is also greatly improved. A new Action Center works as a notification center to collect alerts from apps and provide quick access to settings.

Microsoft has focused a lot on multitasking with Windows 10. The Snap feature has seen the biggest improvements here. You can drag any window to a screen edge to snap it to half of your screen, and then the Operating System (OS) helpfully displays all of your other windows in an array for the other half.

If you use a touchscreen, you can swipe from the left to bring up a list of all open apps and snap two of them alongside each other.

Alongside the snapping improvements is a new feature called Task View, which is similar to Mission Control on the Mac. It displays all your open windows on a single screen so you can find what you are looking for quickly. Microsoft has added a dedicated button to the task bar to get users to activate Task View and start using it. Microsoft claims

the vast majority of its users have never used Alt+Tab to switch apps, so the idea is to help those users get better at multitasking.

It is also the gateway to a great new feature, virtual desktops, which allows you to create separate virtual desktops with different apps.

Microsoft has also built a virtual assistant like Siri right into Windows 10.

It’s called Cortana, and it is designed to look and feel like an extension of the Start menu—and you can also use your voice to search.

Cortana keeps everything it knows about you in a virtual notebook, which you can edit to trim out information you do not want it to remember. It is also cloud powered, meaning you can download Cortana for Android (or iOS in the MEADOWLANDS USA

future) and get the same features there, all synced up with your laptop. So if you ask Cortana to remind you to buy some milk from a local grocery store, that reminder will sync to your phone and activate as soon as you are near the grocery store. That’s a particularly useful and powerful feature of Cortana.

Cortana also handles local search, and it is excellent. Hitting the “My Stuff” button within a Cortana search will search for files that are local to the machine and any data stored on OneDrive. Having a single interface for virtual assistant searches, web searches, and traditional computer searches is a convenient and powerful thing—and Microsoft has done a really great job of integrating it here.

Windows 10 also includes a new browser, called Edge. Internet Explorer Continued on pg. 50

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49

Continued from pg. 49

still exists in Windows 10 and you can access it through an “Open with Internet Explorer” option in Edge.

Edge does have some new features.

One addition that is very useful is Cortana is integrated into Microsoft Edge. If you search for something in the address bar like “weather,” then it will immediately surface the weather nearby. There is a built-in note-taking mode, so you can save and annotate webpages, plus a reading mode that strips away the content you do not need when reading through an article.

While Edge is very fast in raw performance, some more complex websites do not render quite right. While many times this is due to badly coded sites, it shows there are still issues with Edge.

Other issues are not being able to drag files into the browser (to attach them to an email or upload to cloud storage) and the lack of Extensions. It has more work to do before it can persuade people to move from Chrome and Firefox.

Windows 10’s built-in apps are a great complement to the operating system. While Windows 8’s apps were basic and lacking in features, Windows 10’s have mostly everything you would want.

Most importantly, these built-in apps no longer run full screen by default.

Microsoft is currently offering Windows 10 free to Windows 7 and Windows 8 users, with the intention of creating a huge install base to attract developers.

While Microsoft is focused on

PROS

There are some neat features to Windows 10, such as the return of the start menu and having multiple desktops for working on separate projects simultaneously, which are great and powerful once you begin using them.

CONS

You will experience a learning curve, albeit briefer than the learning curve for Windows 8. There are also some tech issues. Some of the issues require fixes with patching, such as the first patch for Windows 10 that was required less than a month after release. Video card and printer drivers have also caused bumps in the road to upgrade.

The worst to date we’ve experienced is a significant slow-down of all Google apps including Chrome, due to the update.

You will have to eventually adopt Windows 10, there is no choice there.

However where you have the power, and how we help you is by providing the expertise so you can choose when and how to make the transition.

mouse and keyboard computing with Windows 10, it has not forgot about all the good touch work that went into Windows 8. A new tablet mode in Windows 10 aims to bridge the full screen world of Windows 8 with the traditional way you use a Windows PC. Windows 10’s tablet mode simplifies the task bar, makes everything touch-friendly and brings back the full screen Start screen Windows 10’s development has

Our recommendation: wait and prepare.

WAIT

We recommend waiting until at least Q1 2016. This will not only give Microsoft and software vendors time to work out the technical issues, it gives you time to prepare.

PREPARE

1. Update and patch current windows operating system and system drivers.

2. Create a backup at an external location (external hard drive or cloud storage).

3. Perform any necessary hardware upgrades in the computers moving to Windows 10.

4. Provide plenty of time for the transition. After the upgrade to Windows 10, all other software will also need to be reinstalled.

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been unique and has some great additions while blending the familiarity of Windows 7 and some of the new features of Windows 8.

So when should you upgrade?

Many advise to wait for the “service pack 1” release which is sound advice. Issues and bugs can range from basic problems like app icons on the task bar disappearing to incompatibility with drivers for other devices and other software.

Microsoft is confident these bugs and issues will be addressed fairly quickly. If you can deal with these issues and you are frustrated with Windows 8, then by all means upgrade now. But if you depend on your Windows computer on a daily basis, you may want to hold off until everything is a little more polished.

Microsoft is rolling out updates constantly, so it may not be that long until these issues are addressed.

By Nick Pascarella and Nina Johnson on behalf of the Meadowlands Regional Chamber’s Technology Committee.

Nick Pascarella is a partner at TruBambu (www.trubambu.com), a business technology consultancy company. Nina Johnson is ‎Co-founder and Chief Business Officer at Singularity LLC (singularityknows.com).

MEADOWLANDS RESTAURANTS & DINING Cheeseburger In Paradise Secaucus 201.392.0500

Flaming Grill & Supreme Buffet East Rutherford 201.438.1115

Chili’s Restaurant Secaucus 201.319.0804

Gabriel’s Grill and Bar Hasbrouck Heights 201.288.9600

Al Di La Italian Bistro East Rutherford 201.939.1128

Bonefish Grill Secaucus 201.864.3004

Angry Coffee Bean Coffeehouse & Cafe North Arlington 201.772.5554

Boogie Woogie Bagel Boys Weehawken 201.863.4666

Annabella’s Fine Foods, Inc. East Rutherford 201.804.0303

Buffalo Wild Wings Secaucus 201.348.0824

Chipotle Mexican Grill Secaucus 201.223.0562

Café Four Fifty Five Secaucus 201.864.5391

Chit Chat Diner Hackensack 201.820.4033

Café Matisse Rutherford 201.935.2995

Colonial Diner Lyndhurst 201.575.1696

Caffe Capri East Rutherford 201.460.1039

Cosi Secaucus 201.330.1052

Candlewyck Diner East Rutherford 201.933.4446

CUPS frozen yogurt that’s hot Secaucus 201.351.5140

Bagels Plus & Deli Secaucus 201.330.0744 Bareli’s Secaucus 201.865.2766 Bazzarelli Restaurant & Pizzeria Moonachie 201.641.4010 Bel Posto Hackensack 201.880.8750 Biggies Clam Bar Carlstadt 201.933.4000 Bistro Six-Five Zero Hasbrouck Heights 201.288.6100

Carrabba’s Italian Grill Secaucus 201.330.8497 Chart House Weehawken 201.348.6628

Dunkin Donuts/ Subway Secaucus 201.206.6660 Elegant Desserts Lyndhurst 201.933.0770

Fresh Fish. Flown in Daily.

Experience our spectacular new location with contemporary décor and indulge in tantalizing chef creations, exceptional wines and exquisite desserts.

Call or visit us online and make your reservation today.

The Shops at Riverside 175 Riverside Square Mall • Hackensack, NJ 07601 201.343.8862 • theoceanaire.com

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Gainville Cafe Rutherford 201.507.1800 Giovanni’s Restaurant Elmwood Park 201.791.3000 Good Chinese Kitchen North Bergen 201.295.0806 Harold’s New York Deli Lyndhurst 201.935.2600 Houlihan’s Hasbrouck Heights 201.393.9330

I Am Cupcakes Little Ferry 201.440.4249 Il Cafone Lyndhurst 201.933.3355 Il Villaggio Carlstadt 201.935.7733 Jerry’s of East Rutherford East Rutherford 201.438.9617 Kilroy’s Sports Bar Carlstadt 201.896.8900 La Reggia Ristorante Secaucus 201.422.0200 Little Italy Cafe Secaucus 201.348.1400

Houlihan’s Secaucus 201.330.8856

Marco Polo Pizza/Breakfast Grill Weehawken 201.863.0057

Houlihan’s Weehawken 201.863.4000

Martini Grill Wood-Ridge 201.393.2000

PRIME STEAKS. LEGENDARY SERVICE. Prime Steak • Fine Wine • Exceptional Menu

The Shops at Riverside One Riverside Square • Hackensack, NJ 07601 (201) 487-1303 • mortons.com/hackensack

MEADOWLANDS RESTAURANTS & DINING

Masina Trattoria Italiana Weehawken 201.348.4444

Medieval Times Dinner Tournament Lyndhurst 201.933.2220 Morton’s Steakhouse Hackensack 201.487.1303

Outback Secaucus 201.601.0077

Sabor Latin Bistro Weehawken 201.943.6366

Subway Weehawken 201.865.2500

Panera Bread Secaucus 201.348.2846

Saladworks East Rutherford 201.939.8886

Subway Secaucus 201.325.0300

Penang Malaysian & Thai Cuisine Lodi 973.779.1128

Sal’s Good Eats Teterboro 201.375.4949

Subway North Bergen 201.869.4469

Segovia Restaurant Moonachie 201.641.4266

Tandoor on the Hudson Weehawken 800.221.6721

Muscle Maker Grill Lyndhurst 201.935.6644

Perkins Restaurant and Bakery Lyndhurst 201.934.9100

Nanina’s In The Park Belleville 973.751.1230

Redd’s Restaurant & Bar Carlstadt 201.933.0015

New China Inn Rutherford 201.438.0234

Red Lobster Secaucus 201.583.1902

Oceanos Restaurant Fairlawn 201.796.0546 Olive Garden Secaucus 201.867.3543

The Original Pita Grill Hoboken • 201.217.9777 Thistle Restaurant Lyndhurst • 201.935.0004 Tokyo Hibachi & Buffet Secaucus • 201.863.2828 Urban Plum Secaucus • 201.520.0574 Varrelman’s Bakery Rutherford 201.939.0462

Taverna Mykonos Elmwood Park 201.703.9200

Vesta Wood Fired Pizza and Bar East Rutherford 201.939.6012

Starbucks Coffee East Rutherford 201.438.0584

The Balcony Carlstadt 201.933.0071

Volares Restaurant Rutherford 201.935.6606

Rutherford Pancake House Rutherford 201.340.4171

Stefanos Mediterranean Grille Secaucus 201.865.6767

The Crow’s Nest Hackensack 201.342.5445

Waterside Restaurant and Catering North Bergen 201.861.7767

Ruth’s Chris Steak House Weehawken 201.863.5100

Subway Hasbrouck Heights 201.727.0373

The Oceanaire Seafood Room Hackensack 201.343.8862

Whiskey Café Lyndhurst 201.939.4889

Son Cubano at Port Imperial West New York 201.399.2020

THE ONLY THING WE OVERLOOK

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Every issue of Meadowlands USA magazine is packed full of useful information to help you grow your business and to help other businesses find you.

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It’s a great investment since each issue has a shelf life of two months and appears on our website Meadowlands.org at no additional cost to advertisers.

For more information and a complete 2015 editorial calendar, please contact Martha Morley, Advertising Sales Director at (201) 493-7996.

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EVENT PLANNING & CATERING SERVICES 4 Wall New York Moonachie 201.329.9878

CeCe Productions, LLC Rutherford 201.672.0050

Fiesta Banquets Wood-Ridge 201.939.5409

16W Marketing Rutherford 201.635.8000

Chit Chat Creative Caterers Hackensack 201.820.4033

Flyte Tyme Limousine Mahwah 201.529-1452

AAA Giants Limousine & Car Service Secaucus 201.679.2860 Adam Leffel Productions / Petals Premier Event Design Hackensack 201.487.1300 Al Di La Italian Bistro East Rutherford 201.939.1128 Annabella’s Fine Foods, Inc. East Rutherford 201.804.0303 Any Excuse for a Party Fairfield 973.808.8700 Audience Pleasers Upper Montclair 888.283.7532 Bayway Catering Red Bank 908.862.3207 Brennan’s Secaucus MeadowlandsFlorist Secaucus 201.876.0580 Bounce Music & Entertainment Fort Lee 201.490.1091

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MEADOWLANDS USA

Classic Party Rentals Secaucus 201.809.4840

Freeman Kearny 201.299.7400

Content Party Rentals East Rutherford 201.623.0400

Garden Vista Ballroom Passaic 973.777.6655

Culinary Conference Center At HCCC Jersey City 201.360.5303

Graycliff Catering Inc. (The Graycliff) Moonachie 201.939.9233

DDM Production Jersey City 917.418.8625

Heights Flower Shoppe Hasbrouck Heights 201.288.5464

Elan Catering & Events Lodi 973.777.0503

In-Tents Party Rentals Wood-Ridge 201.282.2026

ELS Limousine Service Meadowlands Area 877.435.9733 Entenmann’s Florist Secaucus 201.864.2320 Evelyn Hill Events New York 212.344.0996 Event Journal, Inc. Bethpage 516.470.1811 Fabulous Foods Meadowlands Area 800.365.4747 NJ 212.239.6700 NY

meadowlands.org

Metropolitan Exposition Services Moonachie 201.964.1800 Nanina’s In The Park Belleville 973.751.1230 New Meadowlands Sportservice, Inc. East Rutherford 201.916.3568 NY NJ Car Service, LLC Lodi 201.283-9400 Outsource Incentive Consulting Corp.

Lyndhurst 800.842.2855 Party Makers West New York 201.580.1736 Pegasus Worldwide Limousine Carlstadt 800.877.3427

SBI Productions Secaucus 201.939.6005 Seasons Catering Washington Township 201.664.6141 Showstoppers Plus North Brunswick 732.297.0031 Sireno Communications Sussex 973.875.4079 Smooth Sailing Celebrations Oak Ridge 973.409.4456 Statue of Liberty & Ellis Island New York 212.344.0996 Sterling Affair Caterers Carlstadt 201.372.0734

Personal Touch Caterers Hackensack 201.488.8820

Stout’s Transportation Trenton 1.800.245.7868

Jimmy’s Artistic Creations East Rutherford 201.460.1919

Positive Impact Partners East Rutherford 201.939.8601

Sweet Dreams Studio Photo Booth Madison 703.585.4704

Kismet Limousine Teaneck 973.876.3410

Premier Entertainment East Rutherford 201.842.1698

The Balcony Carlstadt 201.933.0071

In Thyme Catered Events Rivervale 201.666.3353

Meadowlands Exposition Center Secaucus 201.330.7773

OCTOBER/NOVEMBER 2015

Saint Peter’s University Conferences & Events Jersey City 201.761.7414

The Viv Experience Ridgefield 201.390.2311

MEADOWLANDS HOTELS & ACCOMMODATIONS AVE CLIFTON

by Korman Communities Clifton 973.859.3200 Candlewood Suites Hotel Secaucus 201.865.3900 Clarion Hotel Empire Meadowlands Hotel Secaucus 201.348.6900

Econo Lodge Carlstadt 201.935.4600 Embassy Suites Hotel Secaucus 201.864.7300 Fairfield Inn by Marriott East Rutherford 201.507.5222

Holiday Inn Express Paramus 201.843.5400

Hyatt Place Fair Lawn/Paramus Paramus 201.475.3888

Holiday Inn Express Hotels & Suites Carlstadt 201.460.9292

La Quinta Meadowlands Suites Secaucus 201.863.8700

Holiday Inn George Washington Bridge Fort Lee 201.944.5000

Courtyard by Marriott Lyndhurst 201.896.6666

Hampton Inn at The Meadowlands Carlstadt 201.935 9000

Courtyard by Marriott Secaucus 201.617.8888

Hilton Garden Inn Ridgefield Park 201.641.2024

Days Inn North Bergen 201.348.3600

Hilton Garden Inn Secaucus 201.864.1400

DoubleTree by Hilton Fort Lee - GWB Fort Lee 201.461.9000

Hilton Hasbrouck Heights Hasbrouck Heights 201.298.2417

Homewood Suites

by Hilton East Rutherford East Rutherford 201.460.9030

DoubleTree by Hilton Hotel & Suites Jersey City 201.499.2578

Hilton Meadowlands East Rutherford 201.896.0500

Hyatt Place Secaucus/Meadowlands Secaucus 201.422.9480

Holiday Inn Hasbrouck Heights Hasbrouck Heights 201.288.9600 Holiday Inn Secaucus Meadowlands Secaucus 201.348.2000

Marriott at Newark Liberty International Airport Newark 973.623.0006 Quality Inn Lyndhurst 201.933.9800 Red Roof Inn Secaucus 201.319.1000 Renaissance Meadowlands Hotel Rutherford 201.231.3100

Residence Inn Saddle River 201.934.4144 Saddle Brook Marriott Saddle Brook 201-843.9500 Sheraton Lincoln Harbor Weehawken 201.617.5600 Springhill Suites Newark 973.624.5300 Teaneck Marriott at Glenpointe Teaneck 201.836.0600 The Meadowlands River Inn Secaucus 201.867.4400 Westin Hotel Jersey City 201.626.2900

Residence Inn East Rutherford 201.939.0020

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DESTINATION MEADOWLANDS Recreation, Sports & Entertainment AMF Wallington Lanes Wallington 973.773.9100

Hackensack Riverkeeper Medieval Times Dinner & Tournament Hackensack Lyndhurst 201.968.0808 201.933.2220 Harlem Wizards Secaucus 201.271.3600

Nereid Boat Club Rutherford 201.438.3995

Aviation Hall of Fame Museum of NJ Teterboro 201.288.6344

Kerasotes Showplace 14 Secaucus 201.210.5364

Bergen Performing Arts Center Englewood 201.816.8160

Liberty Science Center Jersey City 201.200.1000

Chuck E. Cheese’s North Bergen 201.861.1799

Make Wine with Us Wallington 201.876.9463

NJ Meadowlands Commission Environment Center Lyndhurst 201.460.1700 New Jersey Sports & Exposition Authority (Main Ticket Number) 201.935.8500 North Arlington Bowl-O-Drome 201.998.9621

Field Station Dinosaurs Secaucus 855.999.9010

Meadowlands Area YMCA Rutherford 201.955.5300

GolfTec-Englewood Englewood 201.567.0103

Meadowlands Museum Rutherford 201.935.1175

NY Giants 201.935.8222 NY Jets 516.560.8100

NY Red Bulls Harrison 201.583.7000

LA Fitness Signature Club Secaucus 201.751.9940

Pole Position Raceway Jersey City 201.333.7223

Meadowlands Athletic Club Lyndhurst 201.933.4100

River Barge Park Carlstadt 201.460.1700 Rock Spring Club West Orange 973.731-6464 Six Flags Great Adventure Jackson 732.928.2000 Smooth Sailing Celebrations Oak Ridge 973.409.4456 Statue Cruises Jersey City 201.432.6321 The Players Club Paramus 201.483.9690 World Golf Network RiverVale 973.509.3111 Youth1 Media Montclair 973.509.3111

Health, Fitness & Beauty Alternative Two, Inc. Lyndhurst 201.729.1217

10% OFF Group & Corporate Events for Meadowlands Regional Chamber Members

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CKO Kickboxing Lyndhurst 201.438.5425 European Wax Center Rutherford 201.935.9299

New York Sports Club Hoboken 201.222.5771 Planet Sun, Inc. Rutherford 201.941.6000 Simply Face & Body Ramsey 877.57.SIMPLY The DOJO Rutherford 201.933.3050 Title Boxing Club East Rutherford 201.933-2800

Retail & Outlet Shopping Best Buy Secaucus 201.325.2277 Calvin Klein Company Store Secaucus 201.223.9760 Country Whimsey Rutherford 201.438.0488 East Rutherford Jewelry Exchange East Rutherford 201.507.0009 Gucci Secaucus 201.392.2670 Heights Beer & Wine Emporium Hasbrouck Heights 201.426.0555

Raymour & Flanigan Secaucus 201.809.1353 Tommy Hilfiger Clearance Secaucus 201.863.5600 Westfield Garden State Plaza Paramus 201.843.2121

NEWS FROM THE MEADOW

HUMC is the First Hospital in New Jersey to offer Mazor Robotics Renaissance® Spine Surgery

H

ackensack University Medical Center is pleased to announce that the state-of-the-art guidance system for spine surgery, Mazor Robotics Renaissance®, arrived for installation in the medical center’s main operating room.

HackensackUMC will be the first hospital in New Jersey to offer Mazor Robotics Renaissance Spine Surgery.

“HackensackUMC remains committed to embracing new technology and innovation to better care for our patients,” said Robert C. Garrett, president and chief executive officer, Hackensack University Health Network. “Our medical center offers a world-class team of physicians who collaborate across a wide spectrum of specialties. Both our neurosurgery and orthopaedic teams will have the opportunity to use Mazor Robotics Renaissance to improve upon the award-winning surgical care that we provide. Both departments are able to share best practices to offer the best treatment plan for addressing back pain in patients.”

Mazor Robotics technology has been clinically validated to ensure 1.5mm accuracy for increased patient safety as compared to freehand spine surgery. Before entering the operating room, surgeons use Renaissance to pre-plan the optimal surgery in a CT-based 3-D simulation of the patient’s spine. During surgery, Renaissance guides the surgeon’s hand and tools to the precise pre-planned location. In a recent multicenter study published in Spine journal, investigators stated that Mazor Robotics technology “offers enhanced performance in spinal surgery when compared to freehand surgeries, by increasing placement accuracy and reducing neurologic risks.”1 It also may reduce the use of fluoroscopy in minimally-invasive procedures.2 Patrick A. Roth, M.D., chairman of Neurosurgery at HackensackUMC added, “Spinal surgery should always be viewed as a last option, as there are always risks and complications involved in any type of surgery. However, our patients can rest assured knowing that if the need arises for surgery, HackensackUMC provides a minimally-invasive procedure, using the most-advanced technology available.”

For more information about Mazor Robotics spine surgery with Renaissance visit www.MazorRobotics.com.

Devito DP, Kaplan L, Dietl R, et al. Clinical acceptance and accuracy assessment of spinal implants guided with SpineAssist surgical robot: retrospective study. Spine. 2010;35(24):2109-2115.

1

Kantelhardt SR, Martinez R, Baerwinkel S, Burger R, Giese A, Rohde V. Perioperative course and accuracy of screw positioning in conventional, open robotic-guided and percutaneous robotic-guided, pedicle screw placement. Eur Spine J. 2011;20(6):860-868

2

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The Provident Bank Launches Innovative Financial Education Initiative For Adult Learners

T

he Provident Bank announced the launch of Provident BFF (Becoming Financially Fit) Education Center, an adult education program powered by Everfi Financial Literacy™, on September 16. The initiative is an extension of Provident’s BFF program offered in over 30 high schools throughout New Jersey and eastern Pennsylvania.

Provident BFF is an innovative, online financial tool that helps individuals further develop skill-sets to allow for successful financial management and sound decision-making.

“We know not everyone is comfortable talking about their finances and that could be for many reasons – including a lack of knowledge and understanding, ”said Joseph Spatola, SVP and Community Reinvestment Act Officer, Provident Bank. “Provident BFF is about giving people access to the tools that will make them feel more comfortable, and will help them gain knowledge and understanding of financial matters that impact their daily lives and their futures.”

Provident BFF uses cutting-edge technology that incorporates video, animations, social networking – and even gaming – as part of the financial learning program.

The program involves a series of self-paced, interactive modules that cover key financial topics such as saving, investing, credit scores, mortgages, and identity protection. These models will provide an overview of subject, image library, and knowledge checks to ensure the understanding of content.

The first module, Mortgage Education Center, will be available on the Provident website as of Tuesday, September 16.

“We want people to be confident in their knowledge of mortgages and homeownership. The virtual environment eliminates obstacles of which may have otherwise prevented individuals from becoming so. You can learn more when you want – from home or wherever you can access the website – and at your own pace,” says Spatola.

“Becoming Financially Fit is about making sure people know how to secure their financial future, and building knowledge and literacy around this is key to doing so.”

To register for the first module, visit https://atwork.everfi.net/ mortgagelearningcenter/login.

Il Villaggio_Oct2015_V1_Il 10/20/15 4:29 PM Page 1

“A diamond in the shadow of the Meadowlands, old-style cuisine that never disappoints” Zagat Survey, America’s Top 1000 Italian Restaurants 2008

“Best of Award of Excellence” - Wine Spectator Magazine

Come experience Il Villaggio’s distinguished cuisine in our newly renovated restaurant Since 1979, Il Villaggio has been consistently providing guests with truly memorable dining experiences.

Our menu specializes in classic northern Italian dishes, which include a wide variety of fresh fish & seafood specials that change daily. Complete your dining experience with our wide selection of homemade desserts.

Il Villaggio caters to Bar/Bat Mitzvahs,Weddings, and Private/Corporate Events.

Monday-Friday: 11:30 am -11:00 pm • Saturday: 5:00 pm - 12 Midnight Sunday: Private Events Only 651 Route 17 North, Carlstadt, NJ 07072 Telephone: 201.935.7733 • info@ilvillaggio.com • www.ilvillaggio.com

NEWS FROM THE MEADOW

INDEX OF ADVERTISERS

Newly Completed Vitals Corporate Headquarters Embraces Changing Office Trends

AVE, www.aveliving.com.........................................................................................35

Chart House, www.chart-house.com.......................................................................53

Comprehensive Behavioral Healthcare, Inc., www.cbhcare.com...........................35 Dassault Falcon, www.dassaultfalcon.com......................................Inside Front Cover Engineers Labor-Employer Cooperative, www.elec825.org...................................11

D

MR recently completed the refit of 21,000 square feet at the CityView Corporate Center in Lyndhurst, NJ for Vitals, a web-based healthcare technology company that allows users to comparison shop for healthcare.

DMR planned the modern workspace to embrace an environment which allows for flexibility and adaptation to different work styles including no walls or departments, strategically placed executive offices, and a layout that allows for movement through the office without cutting through departments.

The design includes 13 offices with eight foot glass windows and shared work areas that allow daylight to come in from all sides, resulting in more than 95 percent of the offices and meeting rooms having access to daylight. There is no ceiling in the shared work area, adding to the open space feeling. Workspace heights allow for privacy while sitting, but engagement while standing. In addition, loose furniture allows for quick transformation for collaboration, and desks can be raised or lowered so employees have the option to transition to and from a standing desk.

The wall of the board room, which connects to the kitchen, consists of solid wood doors that pivot 90 degrees to allow for a quick transformation into a large gathering area.

“Our rapid growth necessitated a relocation to a larger space,” said Bryan Perler, CFO of Vitals. “DMR really understood the psyche of our employees and the people we want to continue to attract to our company.”

The Vitals project, which was completed this summer, was recently featured in several news publications, including NJBiz and New Jersey Business.

Ernst & Young, www.ey.com.....................................................................................2

Frank’s GMC, www.FranksGMC.net.........................................................................19 Gehtsoft, www.gehtsoftusa.com..........................................................Front Cover & 1

Guzzo+Guzzo, www.gg-architect.com....................................................................19 h323HD, Inc., www.h323hd.com.............................................................................9

Hunter Group, www.TheHunterGroup.com............................................................27

Il Villaggio, www.ilvillaggio.com...........................................................................59

Jewel Electric, www.jewelelectric.com....................................................................47 Kearny Bank, www.KearnyBank.com.........................................................................9 International Union of Operating Engineers Local 825, www.elec825.org............5

MBAF, www.mbafcpa.com......................................................................................19 Meadowlands Racing & Entertainment, www.playmeadowlands.com..................41

Meadowlands Regional Chamber, www.meadowlands.org...................................55 MeadowlandsUSA, www.meadowlandsusa.com....................................................53 MeadowlandsUSA, www.meadowlandsusa.com............................Inside Back Cover

Morton’s Steakhouse, www.mortonsteakhouse.com.............................................52 NAI James E. Hanson, www.naihanson.com..........................................................13

Nanina’s In The Park & The Park Savoy, www.naninasinthepark.com......................57 New Jersey Capitol Report, www.SteveAdubato.org.............................................33 Nick’s Towing Service, www.NicksTowingService.com............................................47 Oceanaire Seafood Room, www.theoceanaire.com................................................52

Overhead Door, www.DockNDoor.com...................................................................40 Paramount Exterminating, www.ParamountExterminating.com...........................47

Pole Position Raceway, www.polepositionraceway.com.........................................56 Provident Bank, www.ProvidentNJ.com...................................................................7 PSE&G, www.pseg.com.............................................................................Back Cover

Ramapo College, www.ramapo.edu/certificates.....................................................37 RotenbergMeril, www.rmsbg.com............................................................................9 Scarinci & Hollenbeck, www.scarincihollenbeck.com.............................................15

TM Rybak, www.tmrassociates.com........................................................................21 United Water, www.unitedwater.com....................................................................41 XCEL Credit Union, www.XCELfcu.org.com.............................................................37

For more information on advertising in Meadowlands USA magazine or online advertising at www.meadowlands.org please contact Martha Morley at 201-493-7996 or email: greerentps@aol.com Call for new items! If your organization has news or announcements to share with our audience, please send to Joe Garavente at JGaravente@meadowlands.org or call 201-939-0707

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We have the energy to make things better [

... for you, for our communities and for our children.

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www.pseg.com/sesamestreet

To download the app, visit www.pseg.com/sesamestreet or scan the QR code below.

The PSEG Foundation is proud to partner with Sesame Street on a new, free app called Let’s Ger Ready: Preparing Families for Emergencies. This unique app, geared toward pre-school children, introduces ways to prepare for emergencies in an entertaining and ageappropriate way and provides a number of resource guides and short videos to help parents, educators and other caretakers as they guide the children through the learning process.