Business Monthly: March 2014

Cedar Valley Business monthly

March 2014

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People you can bank on

to serve the community you call home.

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1. STACEY BENTLEY President & CEO 2. RICK JAACKS EVP, Commercial Lending 3. MITCH WEST SVP, Wealth Management 4. SHAWNA BUCKLEY VP, Retail

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March 2014

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FROM THE EDITOR

Area finance leaders recognized When The Courier decided to honor the area’s top financial minds two years ago, it occurred to us it might be difficult to get them to talk about themselves.

Finance officers have other things on their minds – usually something to do with their companies. That’s why they play such a vital role in the financial health of individual companies and the entire Cedar Valley econJim Offner omy. is the Courier One reason The business decideditor. Contact Courier ed to honor these him at hard-working injim.offner@ dividuals is that wcfcourier. com. they do some of the toughest jobs in the corporate world with little fanfare. Unlike a chief executive officer, who often personifies an organization to the public, finance executives work be-

hind the scenes. They say they’re generally fine working out of the limelight.

Perhaps it comes as no shock that finance leaders sometimes are overlooked. Or they used to be. Cedar Valley Business Monthly and The Courier now are doing something about that.

This issue of the Cedar Valley Business Monthly honors two of the brightest financial minds in the region. In the following pages are profiles of winners of The Courier’s third annual Finance Leadership Awards.

A financial executive is focused on safeguarding his or her organization’s bottom line. The job also involves planning and consulting with the CEO. The modern financial executive is a proactive strategic planner. Part of that job is to challenge the company to take risks, go against convention, stake out new markets.

Those aspects of the job are crucial today, perhaps more than ever.

Since the start of the 2008 reces-

sion, companies have been forced to move at a more measured pace, deliberate longer on strategic decisions and invest more conservatively. The federal government’s remaking of the health insurance business has only complicated matters. Now more than ever, a company looks to the wisdom of its financial guru to lead it through an increasingly complex web of regulations.

Once again, the Courier received a stack of worthy nominations from a range of public and private for-profit and nonprofit organizations, and an independent panel selected the following two honorees: Debra Jungling, CFO of Exceptional Persons Inc. in Waterloo; and Robert Kahler, senior vice president and chief financial officer with the CBE Cos. in Waterloo.

SEE THEIR PROFILES ON PAGES 4-7.

Criteria for selections were as follows: ■ Demonstrates leadership in the company’s financial success.

■ Demonstrates skills in employee retention.

■ Implements innovative methods to maintain the overall health of their organization.

There were other individuals who certainly merited honors, and their names will be prominent in the discussion when it’s time to consider the next class of winners in 2015.

Thanks are due to Monte Berg, senior vice president of finance at Veridian Credit Union; Kelly Meier, CFO, Western Home Communities; Mike Ruane, CFO at Waterloo ad agency Hellman; and Michaela Vandersee, director of finance at Cedar Valley Hospice. All four are past winners of the award.

The Courier has developed several programs through which to recognize the importance of individuals who bring excellence to the community. The Finance Leadership Award is the latest. Read the stories of the honorees, and you’ll understand why this honor is appropriate.

CONTENTS

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Vol. 8 No. 3

Cedar Valley Business Monthly is a free monthly publication direct-mailed to more than 5,300 area businesses.

Contact us at (319) 291-1448 or P.O. Box 540, Waterloo, IA 50704.

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PERSONAL FINANCE Self-employed individuals face special retirement challenges.

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SMALL BUSINESS Defined contribution gains traction as benefit with small businesses.

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CEDAR VALLEY BUSINESS MONTHLY

MARCH 2014

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BRANDON POLLOCK / Courier Staff Photographer

Deb Jungling, a Finance Leadership Award winner, in her office at Exceptional Persons Inc. in Waterloo on Jan. 22.

Balancing act

Deb Jungling keeps EPI running smoothly JIM OFFNER jim.offner@wcfcourier.com‌ For more than 20 years, as chief financial officer at Exceptional Persons Inc., Deb Jungling has felt a double dose of pressure.

There’s the responsibility of managing tens of millions of dollars each year through reams of regulations, as well as seeing to the needs of clients over a multi-county area.

She does all that with ease, said Chris Sparks, EPI’s chief executive officer, who nominated Jungling for The Courier’s Finance Leadership Award.

“Deb has been the CFO of EPI for over 20 years and is a well-known and highly respected leader in the agency,” Sparks said. “Deb constructs the annual budget — with involvement by all supervisors — for their respective departments and she actively manages our over 100 cost centers.”

Jungling, 54, a native of Waterloo, 4

March 2014

manages a $20 million yearly budget, as well as a staff of 420 employees.

That’s a lot at stake in one job, Sparks said.

“We need to make sure that all employees are sensitized to providing great service, as well as being fully accountable with taxpayer dollars,” Sparks said.

The job also requires that Jungling ensures that others under her supervision know their roles well, Sparks said.

“Deb works with supervisors to help them understand the finances of the programs they manage so they might be empowered to more successfully do so,” Sparks said.

“When asked about agency finances, she often puts people at ease with the saying, ‘the only stupid questions are the ones you don’t ask,’ and she gives of her time generously to all who ask for help.”

Deb Jungling ■■ Title: Chief financial officer.

■■ Company: Exceptional Persons Inc., Waterloo ■■ What is one key to your company’s financial success? “The commitment and dedication we have to quality service.”

■■ What is your core fiscal philosophy?

“We have to be financially responsible. We have to be ethical and transparent. We’re a nonprofit, so everything needs to be totally transparent. We need to know what the rules are and make sure they’re all in place.”

■■ Who inspires you? “The current executive director, Chris Sparks and our past E.D., Gary Mattson. We’ve had only three, and I’ve worked with two. Their passion and commitment to what we do is more than inspiration to others.”

■■ How long with company? Since 1993.

■■ How does the company’s philosophy mesh with your financial

credo? “Our mission is to make a positive difference in the lives of people with disabilities, families with child care needs and others. It’s that responsible, ethical use of the financial resources to accomplish that mission.”

■■ What’s the best way you can influence the financial health of the company? “It’s up to me to monitor the financial status, all the transactions that happen, having the internal controls in place and oversight, the transparency so we are fully accountable for all those dollars.”

■■ How did your schooling influence you?“It gave me the skills to do what I do, of course. When I took accounting in high school, I found out I liked it and had a knack for it.”

■■ What’s your and your company’s toughest challenge in today’s economy? “Providing the highest quality with limited financial resources. And keeping up with the regulatory changes that occur.”

See Jungling, page 5

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Walmart, Amazon see retail changes The Associated Press The financial strains and shifting shopping habits of Americans have led to uneven fortunes for retailers.

Traditional consumer companies like Wal-Mart and Mattel have continued to struggle as Americans spend more cautiously in the uncertain economy. Meanwhile, Amazon.com has flourished as shoppers increasingly buy online rather than head to stores.

The trend was evident during the pivotal holiday shopping season, a time roughly from November through December when many retailers can make up to 40 percent of their annual revenue. Overall, government figures show that spending during October through December rose at the fastest clip in three years.

But exactly where — and how — Americans spent their money during the final months of the year shifted. Fewer people were in and out of stores during the holiday season, but more were shopping online.

Online shopping rose 10 percent to $46.5 billion in November and December, according to research firm Comscore. Meanwhile, sales at stores rose just 2.7 percent to $265.9 billion, according to Shop-

Jungling From page 4 Medicaid is EPI’s primary funding source, and there are complex and restrictive cost-reporting rules that come with it. Jungling wades through all of that, Sparks said.

“Deb has made herself into an expert in the process, which has helped EPI to be successful financially and made her sought after as a participant in statewide work groups on funding and cost reporting,” Sparks said. “ As a nonprofit, our financial success allows us to remain competitive in compensating our 270 direct support workers, and Deb is a consistent and vocal advocate as we work to increase the pay for these vital workers. This has been invaluable in our recruitment and retention efforts.”

The balancing act goes beyond EPI. Jungling earned a master’s cvbusinessmonthly.com

perTrak, which tracks data at 40,000 stores in the U.S. And the number of customers in stores dropped 14.6 percent.

“Consumer behavior evolved quickly, as retail foot traffic fell, while online purchases grew,” said Mattel’s CEO, Bryan Stockton, in a call with investors on Friday.

Wal-Mart Stores Inc. said last month its fiscal fourth-quarter and full-year adjusted earnings from continuing operations may come in at or slightly below the low end of its prior forecasts.

Wal-Mart is among 33 major retailers that have lowered their outlooks for the fourth quarter and beyond, according to Ken Perkins, president of RetailMetrics LLC, a research firm.

Paradoxically, Amazon said its profit and revenue both grew in the latest quarter. But Amazon faces very different problems than its bricks-and-mortar peers. Amazon’s costs are rising along with its meteoric revenue growth.

As it struggles to balance its operating costs with revenue growth, the company said it is considering raising the fee on its Prime membership, which offers free two-day delivery on most items. degree in business administration from the University of Northern Iowa, where, for the last eight years, she also has taught a course in managerial accounting. She also earned a bachelor’s degree in accounting at UNI. She says her job requires considerable passion and a capacity to handle several responsibilities at once.

“Of course, it’s more about the service, but we need to be financially responsible,” she said. “We‘ve been here 57 years and need to be here another and beyond. We have to balance all that out. We have to be responsive to our customers, day care providers and parents. We need to be responsible to our employees. We recognized they need to be paid well. It’s not just monetary resources, it’s technology and employees. We need to pull in teamwork and collaborate with others so we make the most out of all the resources and focus on that quality.”

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March 2014

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MATTHEW PUTNEY / Courier Photo Editor

Finance Leadership Award winner Robert Kahler of CBE Group in Waterloo.

Total involvement

Robert Kahler keeps CBE Cos. on an even keel JIM OFFNER jim.offner@wcfcourier.com‌

Robert Kahler ■■ Title: Senior vice president, chief

his approach to investment, investment

Bob Kahler loves business. It returns and his approach to life in general. financial officer seems mutual.

■■ How long with company? Since ■■ Company: CBE Cos. Inc., Waterloo “I attended Drake, and I always 1998. liked business and had the bene■■ What is one key to your fit of working in certified public ■■ How does the company’s company’s financial success? We’ve got accounting and was exposed to philosophy mesh with your financial an owner and CEO who believes strongly a lot of good sound businesses in credo? The company practices sound in reinvesting in human resources and Iowa,” said Kahler, who has been business ethics. We work in a regulatory technology and innovative solutions. Tom environment and take pride in doing Penaluna is very forward-thinking and very the financial mind behind Waterthe right thing from a business ethics strategic in his outlook and is always a step loo-based CBE Cos. since 1998. standpoint and complying with all ahead of the competition.

Kahler’s background includes regulations. handling the books for Heritage ■■ What is your core fiscal Communications, which was the ■■ What’s the best way you can philosophy? Maintain adequate capital first cable television company in influence the financial health of the and strong liquidity on the balance sheet. company? Forward-thinking strategies the Cedar Valley. and provide adequate resources for future ■■ Who inspires you? I like Warren It gave him valuable exposure to growth.

Buffett because he’s very grounded in an array of accounts with retailers, agriculture companies and financial institutions, he said. foundational lessons in finance in later, Kahler said.

That, combined with strong his formative years, led to success “I was raised to always pay debt 6

March 2014

Cedar Valley Business monthly

obligations and to be disciplined, have financial discipline in how much money you borrow and to live within one’s means,” he said of his upbringing in La Porte City.

Prior to joining CBE, Kahler served as the CFO and executive vice president of Magna Group Inc. and also served as its principal accounting officer. He served as the chief financial officer and executive vice president at Homeland Bankshares Corp. and held numerous executive positions with Homeland Bankshares its subsidiaries.

Kahler, 62, holds a bachelor’s degree from Drake University and honors from the Graduate School of Banking at the University of Wisconsin.

See Kahler, page 7 cvbusinessmonthly.com

Kahler From page 6 That’s Kahler’s professional side; there’s a volunteer aspect to his career, as well. Kahler has served on a multitude of local civic organizations over the years. He has served on the board of Covenant Medical Center and Exceptional Persons Inc., Black Hawk Leadership and numerous other organizations. He also served as president of the YMCA and Big Brothers Big Sisters of Northeast Iowa.

CBE, which is in the midst of an expansion, is a good fit, Kahler said.

“It’s a really good company to work for in terms of company culture and how we value our employees and the community,” he said.

“As we grow and change with the economic environment, we’re evolving into a business processing company, doing call-center work and data processing management. Going forward, the future looks bright, as far as our ability to retain current business strategies and continue to grow.”

Tom Penaluna, CEO of CBE Cos., nominated Kahler for The Courier’s Top Finance Leadership Award.

“Mr. Kahler is one of those indi-

‘I was raised to always pay debt obligations and to be disciplined, have financial discipline in how much money you borrow and to live within one’s means.’

Robert Kahler, CBE Cos. viduals who helps maintain stability in our community by not asking for any acknowledgment of his efforts but always maintains a work ethic that is unparalleled in the workforce and through his civic duties,” Penaluna said. “He is here at CBE day in and day out before others arrive to the office and many days is the last to leave and many times is found working on the weekends. Bob is one of those unsung heroes who maintains stability by his unrelenting work effort and high integrity.”

Lindy Zars, marketing manager at CBE, also nominated Kahler.

“Bob displays all of the qualities of a finance leader,” Zars said.

“CBE Cos. went through a major restructuring in 2013, and Bob was instrumental in ensuring the company was set up for financial success.

Bob’s diversified approach has carried the organization through the worst economic times; in fact, CBE soared through those times.”

U.S. airlines face shortage of pilots The Philadelphia Inquirer A storm is brewing in the cockpit of U.S. airlines: a pilot shortage.

Thousands of pilots are nearing the mandatory retirement age of 65, just as it is becoming harder to be a commercial airline pilot.

New federal pilot-rest rules and tougher qualification standards requiring new pilots to have 1,500 hours of flight experience — up from 250 — have come at the same time that throngs of senior pilots will be retiring.

The new mandates were implemented in the past six months, in response to the Colgan Air crash near Buffalo on Feb. 12, 2009, that killed all 49 aboard the plane and one man on the ground.

National Transportation Safety Board hearings focused on whether the plane’s two pilots were properly trained and whether factors such as fatigue may have affected their performance.

Although job prospects for commercial pilots are bright, and regional airlines are scooping up

newly minted aviators with signing bonuses, fewer young people are choosing aviation careers.

The reason: the cost of training and low entry-level pay — $20,000 to $25,000 a year.

In 2012, Boeing projected that 498,000 new commercial pilots would be needed in the next two decades.

US Airways and American Airlines, which merged in December, have 14,000 to 15,000 pilots combined. “We’re going to lose almost half to attrition in the next 10 years — about 7,000 retirements,” said Capt. James Ray, spokesman for the US Airline Pilots Association, which represents US Airways pilots.

American announced in September it would recruit 1,500 pilots over the next five years. Delta Air Lines is currently hiring 300 pilots.

Regional airlines fly short-haul or “express” flights for major airlines and operate half the nation’s scheduled flights and serve three-quarters of the commercial airports.

This is my Wartburg story.

What’s yours?

In high school, college seemed like a big, scary place. I visited several colleges, but the students, faculty, and coaches at Wartburg always made the campus feel like home.

Wartburg could provide me with the experiences I needed to grow academically and athletically.

Athletics were essential to my college career. I played football and had the opportunity to be a leader on the baseball field.

Those experiences molded me into a better person, businessman, husband, and father.

— Patrick Smith ’03 Vice President, First National Bank Cedar Falls, Plainfield, Waverly

Leadership. Service. Faith. Learning.

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Read more of Patrick’s story and others at www.wartburg.edu/ourstory.

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March 2014

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Technology

Link to customers in a click We’ve talked about the importance of having a mobile-friendly website; however, how do you get your customers to visit — or find — that website?

There’s an app for that: QR code creators and readers.

You may have seen them and not Cherie Dargan known what they is associate were — little black professor of and white boxes communications with designs that at Hawkeye act like hyperlinks.

Community QR stands for College in quick response.

Waterloo.

Contact her at One blogger ex(800) 670-4769 plains them as ext. 1701 or “a two-dimencherie.dargan@ sional bar code hawkeye that’s read by a college.edu. camera-equipped smartphone with a QR code-scanning app.”

Take a picture of a QR code with your cellphone camera using a

QR code reader, and you can then open the link, generally to a company website. While some marketers are dismissing them because they are often used poorly, others argue that they have great potential to help you reach your customer.

QR codes are showing up everywhere: You might have seen them in print advertisements, as well as on billboards and even on signs on vehicles. Flyers from Hy-Vee include QR codes that take you to an online magazine and recipes. Stuff, a local consignment store, includes a QR code on a poster near the counter where people bring things to be consigned. Progresso’s new Recipe Starters sauces are yummy, and if you need some recipes to use them, click on the QR code on the back of the label to go to a website and select recipes based on the type of sauce you purchased.

QR codes are useful, but most experts would encourage you not to ask busy drivers to snap a photo of your QR code on the back of a moving vehicle.

A QR code.

Small business blogger Allison Davis has lots of ideas about where your business might find QR codes useful and what types of things you might promote. Davis lists these five ways to use QR codes: ■■ To advertise. Create a QR code that links customers to your company website or Facebook page. You can also link to information about a sale or special event.

You can place a QR code beside the cash register, front window or on flyers on the counter.

■■ Add it to your business card. Your QR code can link to a contact card. I have one of these posted on my office door at Hawkeye. People who scan it will get my email address, office hours and other information.

■■ Brand your QR code. Davis suggests you create a special QR code with your logo.

■■ Get creative. Use your QR code on all of your promotional materials, including your website’s URL and contact information.

■■ Give Directions. If you create a product or service that needs instructions, a QR code can take viewers to a YouTube video or website with more details. If your customers need help locating your business, a QR code can help them.

What other information might you use to create a QR code? Several sources suggest you use them for product reviews, videos about new products, coupons or promotions for special sales or events.

See QR CODe, page 9

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Investigate bonds on these websites McClatchy Newspapers Bonds add diversity to a portfolio, and come in a variety of forms, from corporate and municipal to government. But what kind of bonds should an investor consider?

A number of websites that specialize on bonds might provide the answer. If you’d like to learn more about bonds, one of the following sites can provide some answers: BONDS ONLINE www.bondsonline.com Contains daily bond news, charts and investor tools.

FINANCIAL INDUSTRY REGULATORY AUTHORITY www.finra.org/Investors/InvestmentChoices/Bonds/SmartBondInvesting/Introduction/

Covers bond fundamentals, understanding risk and investment strategies.

INVESTINGINBONDS.COM www.investinginbonds.com Provides bond basics, types of bonds and strategies under “Learn More” drop down.

THE INVESTMENT FAQ invest-faq.com/articles/index-bonds.html Spotlights 13 bond categories, including bond basics, ratings and bond types.

U.S. DEPARTMENT OF TREASURY www.treasurydirect.gov/instit/ research/faqs/faqs — basics.htm Features information on U.S. government bonds and securities.

QR Code

more difficult to contain in the viewfinder); and black and white is best.

How do you create QR codes?

You have several choices. Most people use a QR code app on a mobile device. There are also several webbased tools that create, or generate, QR codes. I found www.qrstuff. com/ which allows you to create a QR code for almost two dozen types of information. You can download the QR code or order merchandise with it as the logo: think t-shirts, coffee cups, tote bags and more.

Another tool can be found at www. the-qrcode-generator.com/. You can create and save QR codes with options for printing, sharing and using. A third tool, http://keremerkan. net/qr-code-and-2d-code-generator/, was developed by Kerem Erkan, developer of the Qrafter app.

If you are going to create your first QR code, marketing blogger Nick LeRoy has some advice. Give your customer a compelling reason to scan the QR code by being clear about what they will find at your website, such as a coupon for a discount on their next purchase.

Include directions for scanning the code and include the URL, which should be short.

Don’t forget to test your QR code to be sure it works. LeRoy suggests you track the use of the QR code to see how effective it is. Finally, he reminds us the URL needs to go to a mobile-friendly site, since customers will be viewing it on a tablet or phone.

From page 8 To read QR codes you need a smartphone or tablet and app. If you do not have an app, look for QR code readers in the App Store or Google Play Store. Once downloaded, use your device’s camera to scan the QR code, and then be taken to the product’s website.

For the iPhone or iPad, try these apps: Qrafter (free) and Qrafter Pro ($2.99) — Lets you scan and create QR codes. You can use this app to create a contact card, promote an event or create a hotlink to a specific URL, such as a company website, special promotion or YouTube video.

QR Code Reader for iPhone (free) — This app is simple to use and scans QR codes and bar codes alike.

It is available for both Apple and Android devices.

For Android devices like the Samsung Galaxy S4, try these apps: QR Code Scanner ($1.99) — This app works on many devices. Once it has scanned the QR code, you get a beep that lets you know it’s done so you can either go to the URL, email it or text it to someone else.

QR Bar Code Scanner and Bar Code QR Scanner — These two apps work almost alike and are free.

Several things can affect how well any app will work on a QR code: lighting; size (larger ones may be cvbusinessmonthly.com

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Cedar Valley Business monthly

March 2014

9

Insurance

Disability plans often have gaps Most highly compensated employees don’t realize they’re in danger of falling into the often large gap between the disability protection that they have and what they actually need.

Highly compensated employees covered by an employer-paid long term disability insurance plan tend to assume the plan, combined with Social Security, will pay an adequate benefit if a disability occurs.

Unfortunately, this is often not the case. The group plan also may not cover bonuses and Neil other compensation, and the Wilkinson benefits are probably taxable. A is with group LTD alone does not allow Financial highly compensated employees Decisions to maintain their standard of Group in living during a disability.

Waterloo.

Guarantee issue individuContact him at (877) 370-6345 al disability income insurance plans are designed to address the coverage shortfall. A GI IDI plan can fill the gap to boost the total income replacement at time of disability.

One company’s experience

devices and has 70 employees.

The employer-paid LTD plan insures 60 percent of earnings to a maximum of $6,000 per month. This means any employee who earns in excess of $10,000 per month or $120,000 per year will receive less than 60 percent income replacement.

There are 10 key employees or sales executives. All receive in excess of $120,000 in annual compensation. Executives receive base salary plus bonus tied to company profits. Key

sales personnel receive base salary and up to 75 percent of their income as commission. Bonus income and commissions are not covered under their current LTD plan.

Best solution: GI ‘excess plan’

Consider a design I’ll call an “excess plan,” which features the following: ■■ A GI IDI benefit for the 10 key employees equal to 60 percent of total compensation

See Insurance, page 11

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Exceptional Persons, Inc.

An initiative of the Community Foundation of Northeast Iowa

For more than 20 years everyone at Exceptional Persons, Inc. has benefited from your passion, talent, and skill.

We are grateful for all you do.

EPI

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Bourbon, whiskey sales climb in U.S., overseas BRUCE SCHREINER Associated Press‌ Global thirst for Kentucky bourbon and Tennessee whiskey caused exports to spike beyond $1 billion for the first time ever in 2013, a distilled spirits trade group said Tuesday.

Mixed together, bourbon and Tennessee whiskey exports grew a projected 5 percent, from $956.8 million in 2012 to just past $1 billion last year, the Distilled Spirits Council announced.

Bourbon and Tennessee whiskey revenues shot up even higher at home, rising by a projected 10.2 percent last year, the council said.

Their performance overseas drove overall American distilled spirits exports above $1.5 billion, the council said. It marked the fourth straight year of record exports for American-crafted spirits.

The steady rise reflects a growing reputation for American distilled spirits overseas, the group said.

The council said the export figures are based partly on data from the U.S. International Trade Commission.

Other factors behind the spike in exports include trade agreements in recent years, which reduced or eliminated tariffs in several countries, and new products

by American whiskey makers, the group said.

Japan was the pacesetter among the top six overseas growth markets for all American distilled spirits, based on dollar value, the group said. Sales there were up a projected $22.7 million last year, to $120.8 million.

Germany was next, where sales were up a projected $19.6 million

Insurance

to $140.1 million. Sales in France rose $14.5 million to $130.5 million, while sales in the United Kingdom were up $8.8 million to $159.6 million.

In the U.S., total revenues for bourbon and Tennessee whiskey reached $2.4 billion, a 10.2 percent increase. Volume was up nearly 7 percent to 18 million cases, the council said.

The domestic numbers reflect sales from producers or suppliers to wholesalers.

The industry lumps bourbon and Tennessee whiskey into one category. Both are produced in the same way and with similar ingredients. The main difference is that Jack Daniel’s and a few other Tennessee whiskeys are charcoal mellowed before going into the barrel to age, while bourbon isn’t.

Kentucky produces 95 percent of the world’s bourbon supply, according to the Kentucky Distillers’ Association. The number of bourbon barrels aging in Kentucky outnumbers the state’s population.

Overall, supplier sales of American distilled spirits grew by 4.4 percent to $22.2 billion last year in the U.S., the council said. Total U.S. volume growth was up 1.9 percent to about 206 million cases. Overall domestic retail sales in the segment were estimated at upward of $66 billion, it said.

U.S. supplier sales of all varieties of whiskeys grew 6.2 percent to 52.7 million cases last year. Total revenue increased 10.1 percent to just over $7 billion.

Irish whiskey volumes were up 17.5 percent to 2.5 million cases last year in the U.S., while single malt scotch volumes rose 11.6 percent to 1.8 million cases, the council said.

Bottom line

The combined program will cover earnings up to $200,000 with From page 10 a maximum disability benefit of less the LTD benefit, to a maxi- $10,000 per month, will greatly benefit the 10 key employees, will mum of $4,000 per month.

■■ Matches the important provi- be affordable for the employer sion of the LTD as closely as possi- and is easy to administer. ble or better.

Tom Petsche of Brokerage Solu■■ Includes salary, commissions and bonuses in the earning defini- tions Inc. also contributed to this article. tion of the GI IDI plan. cvbusinessmonthly.com

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March 2014

11

Personal finance

Retirement for the self-employed If you call yourself a consultant, a freelancer or an independent contractor, you’re one of the growing number of Americans without an e m p l o y e r- s p o n sored retirement savings plan. As a solo entity, you’re left without the luxury of an employer match, which many use to help grow their Larry K. Fox retirement nest is a private eggs. Meanwhile, wealth adviser the full retirement with Ameriprise age for Social SeFinancial Inc. curity eligibility in Waterloo.

Contact him at has been pushed 234-7000. out, making it more important than ever for self-employed individuals to put retirement planning strategies in place. Here are three tips to help you prepare financially for your retirement years.

401(k)? These retirement savings plans are not mutually exclusive, and you can contribute the maximum (as much as 25 percent of your adjusted growth income) to both plans to accelerate your savings in any given year. But, you don’t need to stop there. If you’re looking for more ways to save, consider a Roth IRA as a vehicle for accruing supplemental retirement savings.

With the Roth, your contributions are not tax deductible in the year in which you make them. Down the road, however, your withdrawals in retirement will be tax-free if you have met all the qualifications. Because the tax rates of the future are not entirely predictable, this is a plus. Since you can withdraw direct contributions from the Roth at any time, you needn’t worry about not being able to access the money for emergencies.

Earnings in your Roth account can also be withdrawn tax- or Max out savings As a self-employed worker, have penalty-free once you reach age you established a SEP IRA or Solo 59 ½ (sooner if your eligibility

As more employers retreat from the business of providing extensive retiree benefits, everyone in the workforce needs to be mindful of how they will manage the bills in retirement. changes due to disability) and have had the Roth for five years or more. For 2014, you can contribute up to $5,500 to your Roth IRA (if your income falls within certain income limits). If you are 50 or older, this maximum goes up to $6,500.

The more you have working for your future security, and the more predictable your retirement income can be the better.

Consult your financial adviser and visit IRS.gov for more complete rules on retirement savings plans.

Health care costs

need costly medical care at one time or another, and that possibility rises in retirement. Evaluate income streams such as annuity or interest income that may help you defray eventual medical expenses. If you’re within five years of leaving the workforce, it’s a good idea to anticipate what your health care needs may be and how you will pay for those expenses.

It’s important to know that regardless of your work status, you must sign up for Medicare by age 65 to avoid potentially delaying your coverage and paying higher premiums. Visit Medicare.gov to familiarize yourself with premium and deductible costs for hospital, general medical and prescription coverage offered by the government. Talk to your insurance broker to explore supplemental plans that can help you manage deductibles and pay for services not allowed by Medicare. By all means, do what you

Nearly all of us will eventually

See Retirement, page 13

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Union membership rate steady in 2013 RICARDO LOPEZ Los Angeles Times‌ The share of American workers belonging to labor unions held steady in 2013, remaining unchanged at 11.3 percent, the U.S. Bureau of Labor Statistics reported last month.

Overall, 14.5 million workers belong to unions. That’s down from 17.7 million in 1983, the year for which comparable data were first available, the agency said.

American labor has seen a steep decline in its membership for years, and the report released Friday suggests that — at least for now — the diminishing membership has halted.

Richard Trumka, president of the AFL-CIO, the country’s largest labor federation, said the report showed gains in some parts of the country, including the South. But labor groups are still working to fight laws weakening collective bargaining by public-sector workers, he said.

“Make no mistake: The job of rebuilding workers’ bargaining power and raising wages for the 99 percent has a long way to go,” Trumka said in a statement.

The yearly report provided a snapshot of union membership by state, as well as a count of publicand private-sector union membership.

New York had more than double the national average. Nearly

Retirement From page 12 can to maintain your health, but don’t ignore the likelihood that you’ll need costly medical care at some point in retirement.

Work if you’re able

The amount of your monthly Social Security check is determined by how much you earned annually over your working life and your retirement date. This means delaying your retirement will result in a bigger monthly Social Security check. If you’re in good health and enjoy working, there’s no hard cvbusinessmonthly.com

“Make no mistake: The job of rebuilding workers’ bargaining power and raising wages for the 99 percent has a long way to go.”

Richard Trumka, president AFL-CIO a quarter of workers there belonged to a union, according to the Bureau of Labor Statistics.

North Carolina had the lowest unionization rate, which stood at 3 percent in 2013.

Additionally, public-sector workers were more likely to report union membership. The unionization share for this cohort of workers was 35.3 percent last year, more than five times higher than the rate for private-sector workers. Less than 7 percent of private-sector workers belong to unions.

The Bureau of Labor Statistics reported that among fulltime workers, union members had higher median weekly earnings than non-union members.

Union workers earned $950 per week, compared with $750 for those who don’t belong to labor groups.

and fast rule that says you have to remove yourself from the workforce.

These retirement planning tips are especially important for self-employed individuals, but they also have value for workers of every variety. As more employers retreat from the business of providing extensive retiree benefits, everyone in the workforce needs to be mindful of how they will manage the bills in retirement. At the end of the day, you’re the boss of your own retirement. Make your retirement finances a priority by working with a financial professional who can help you establish a solid retirement plan.

Cedar Valley Business monthly

March 2014

13

Technology

App aids speech therapy In a room of nearly 90 people, with countless conversations going on around them, Angela Burda and Stephen Hughes only had eyes and ears for each other.

They were at the University of Northern Iowa’s third annual Campus Connexus, an event aimed at Steven promoting netSanchez working and is a senior collaboration communication among faculty major at the and staff, and University of Northern Iowa. they were makContact him at ing a connecsanchsaa@uni. tion that would impact their edu. lives for the next two years.

Burda, a professor in UNI’s department of communication sciences and disorders, had gone to Campus Connexus in hopes of finding help developing a computer program to aid

the speech therapy process.

Hughes, program assistant in UNI’s John Pappajohn Entrepreneurial Center, was looking to continue his research on how people interact and collaborate through technology. Through Campus Connexus, they found a way to meet their goals.

Together, they created Name That!, an app for Apple and Android devices to help patients suffering from aphasia — a language disorder that inhibits speech and language comprehension — regain access to their vocabulary. It was a process that took nearly three years and involved working with students, applying for grants and learning about each other’s fields.

“It was really an interesting process in bringing together two different fields with different technology and thinking processes,” Burda said.

For Hughes and his team of students from the computer science department, this meant looking at standard practices in

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speech pathology. “We had to learn a lot about speech therapy and how to support that in the software,” he said.

The result is a quality application that mirrors industry standards. “This is based on what’s called semantic feature analysis,” Burda said. “This is something that’s already been well established. Now, we’re taking it and putting it into a format that fits for today’s world.”

Burda and Hughes are working on promoting and continuing to develop the app. They’ve already presented it at a couple of regional and international conferences and have plans for additional versions, including one designed for use in hospitals and long-term care settings.

The successful launch of Name That! is a testament to the resources available at UNI, especially the AppsLab. Name That! is the first app to come out of JPEC’s AppsLab and was used as a model in developing the program.

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Small business

‘Defined contribution’ gains traction A recent conversation I had with an owner of a local business is typical: “Why do I go through all the effort and stress and spend all that time choosing medical insurance for my employees plus pay most of their premiums, and I still have six out of 10 employees come into my office and grumble about their benefits. I hate Dietrich choosing benefits Drenkow for my employees!” is director of That conversation new business development mirrors a trend that at Advantage has been growing Administrators, in the business coma TPA firm munity. Employers in Waverly. and employees are Contact him at unhappy with indrenkow.d@ creasing insurance advantage premiums and disadmin.com satisfied with the options available to them. When that is combined with the whirlwind of confusion and change that is the Af-

fordable Care Act, it creates a lot of frustration.

However, there is a benefits strategy called “defined contribution” that has rapidly been gaining converts.

You may not have heard of it before, but defined contribution has been around since 1984. Traditionally, defined contribution has been associated with large companies that can offer multiple benefit packages to their employees. But the changes to the insurance industry mandated by the Affordable Care Act now make defined contribution an excellent option for smaller businesses, too.

Under defined contribution, an employer sets aside an amount of money each month (a “defined contribution”) for each class of eligible employees. For example, the employer can set different contribution levels for full time/part time, family/single, etc. Each employee then chooses one of a number of major medical coverage options from a list that the employer makes available to them. Each employee can also elect ancillary insurance coverage (like dental, vision or life insurance).

Elections can also be made for reimbursement accounts, such as a Health FSA, Health Savings Account or Dependent Care Account. The employee uses the employer’s defined contribution to pay for the benefits elected. If the cost of the benefits are more than the defined contribution amount, the additional amounts are payroll deducted (usually pretax) from the employee’s paycheck.

Employers gain control over their benefits budget while providing a custom-designed benefit package for each employee.

Insurance companies have begun to offer benefit packages specifically designed for use in defined contribution plans. One Iowa insurance provider offers three different insurance packages specifically for use in defined contribution plans.

Each package consists of five different coverage choices. All the employer needs to do is decide which of the three different packages to offer. Each employee then selects the coverage that best fits his or her needs. Other companies offer similar insurance packages for use with

defined contribution plans, many with even more options.

In order qualify for pretax treatment, the benefits of a defined contribution plan must be qualified through a Code Section 125 “cafeteria” plan. Using an experienced third party administrator to provide the software platform for enrollments and to handle the “back office” service, administration and record-keeping functions is essential to having the plan operate smoothly and in compliance with all of the requirements of the tax code and the Affordable Care Act. The third party administrator, in partnership with your insurance agent, can greatly simplify the process for employers, enhance the experience for employees and increase employees’ satisfaction with your benefit program.

Using the defined contribution model helps employers to more effectively budget for employee benefits and at the same time provides a mechanism to provide a custom designed benefit package for each employee.

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Personal finance

Getting your financial house in order Do you picture yourself owning a new home, starting a business or retiring comfortably? These are a few of the financial goals that may be important to you, and each comes with a price tag attached.

That’s where financial planning comes in.

Jeff Conrey is vice president of trust and investment services with First National Bank. Contact him at (319) 268-7013.

Planning is important

One of the main benefits of having a financial plan is that it can help you balance competing financial priorities.

You can use that information to decide how to prioritize your goals, implement strategies and choose suitable products or services.

Creating a comprehensive financial plan involves working with financial professionals to: ■■ Develop a clear picture of your

financial situation by reviewing your income, assets, and liabilities and evaluating your insurance. coverage, investment portfolio, tax exposure and estate plan ■■ Establish and prioritize financial goals and time frames for achieving these goals.

■■ Implement strategies that address your financial weaknesses and build on your strengths.

■■ Choose specific products and services tailored to meet your objectives.

■■ Monitor your plan and make adjustments as necessary.

The process can involve a number of professionals.

Financial planners typically play a central role in the process, focusing on your overall financial plan.

Accountants or tax attorneys provide advice on federal and state tax issues.

Estate planning attorneys help you plan your estate.

Insurance professionals evaluate insurance needs.

Investment advisers provide

advice about investment options.

■■ Your income or expenses The most important member of change. the team, however, is you.

■■ Your portfolio hasn’t performed as expected.

■■ You’re affected by changes to Can I do it myself?

You can, but developing a com- the economy or tax laws. prehensive financial plan requires expertise in several areas. A finan- Common questions cial professional can give you obWhat if I’m too busy? Don’t jective information, save you time wait until you’re in the midst of a fiand ensure that all angles are cov- nancial crisis before beginning the ered. planning process. The sooner you The financial planning process start, the more options you have. doesn’t end once your plan has Is the financial planning been created. Your plan should be process complicated? Each reviewed at least once a year to plan is tailored to the needs of the make sure it’s up-to-date. Events individual. that might trigger a review of your What if my spouse and I disfinancial plan: agree? A financial professional is ■■ Your goals or time horizons trained to listen to your concerns, change. identify any underlying issues and ■■ You experience a life-changing help you find common ground. event such as marriage, the birth Can I still control my own of a child, health problems or a job finances? Financial planning loss. professionals make recommen■■ You have a specific planning dations, not decisions. You retain need (e.g., drafting a will, man- control over your finances. You deaging a distribution from a retire- cide which recommendations to folment account, paying long-term low, and then work with a financial care expenses). professional to implement them.

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Volunteerism

Use volunteers well in a disaster When disaster, whether natural or manmade, hits a community, emergency management and nonprofit organizations respond according to a pre-established plan.

Each organization has a specific role to play in ensuring an effective response to and recovery from the devastation. Yet one component within the system continues to create a challenge: spontaneous volunteers.

Spontaneous volunteers, Anne Nass our neighbors and ordinary citizens, often arrive onsite is communications at a disaster ready to help. coordinator for Because they are not assothe Volunteer ciated with any part of the Center of Cedar emergency management reValley. Contact her at 272-2087 sponse system, their offers or anne_nass@ of help are often underutivccv.org. lized and can be problematic for professional responders.

The conflict is clear: People are willing to volunteer, but can the system’s capacity to utilize them effectively work efficiently?

Black Hawk County has an established Community Organizations Active in Disasters (COAD) prepared to engage at times

of disaster. One component is figuring out how to best utilize volunteers while activating the Volunteer Center of Cedar Valley’s Volunteer Reception Center (VRC).

Volunteering is a valuable part of every healthy community. Volunteers come from all segments of society and often provide essential services. Everyone has the potential to contribute in times of emergency. Those interested in being ready for future disasters in the Cedar Valley should look to Black Hawk County’s COAD.

The value of affiliation

Ideally, all volunteers should be affiliated with an established organization and trained for specific disaster response activities. Attend an annual VRC training to learn more about your role in disaster preparedness.

Four phases

There are valuable and appropriate roles for spontaneous volunteers in mitigation, preparedness, response and recovery.

■■ Management systems: Volunteers are a valuable resource when they are trained, assigned and supervised. Similar to donations management, an essential element of every emergency management plan is the

You may have known us as

clear designation of responsibility for the on-site coordination of spontaneous volunteers. A VRC is the mechanism for ensuring the effective utilization of this human resource.

■■ Shared responsibility: The mobilization, management and support of volunteers is primarily a responsibility of local government and nonprofit agencies, with support from the state level. In our community this is the Black Hawk County COAD. ■■ Volunteer expectations: Volunteers are successful participants in emergency management systems when they are flexible, self-sufficient, aware of risks, trained and willing to be coordinated by local experts.

■■ Impact on volunteers: The priority of volunteer activity is assistance to others.

When this spontaneous activity is well managed, it also positively affects the volunteers themselves and thus contributes to the healing process of both individuals and the larger community.

Contact the Volunteer Center of Cedar Valley to express interest in participating in plans for future disaster management or to secure additional volunteer opportunities at information@vccv.org or 272-2087.

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The point of coordinating care is to find the best way to get you healthy and keep you that way. No matter what surprises life throws your way. UnityPoint Health.

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HELP US SELECT 8 SENIOR RESIDENTS WHO ARE OVER 80 YEARS OLD.

NOmINATE SOmEONE YOU fEEL mEETS THE fOLLOWINg CRITERIA:

8 OVER 80 NOMINATION FORM One nominee per form. Please attach a short description of why your nomination meets the criteria above.

Please be sure to include your address and phone number in the event further information is required.

Nominee:

Age:

v Demonstrates leadership. v Contributes now and in the past to the betterment of the community, often behind the scenes.

Occupation/retired from:

v Continues to be a success in their vocation.

Phone:

v Has been a role model/mentor for others.

Address: City:

State:

Zip:

Submitted by: Phone: Address: City:

State:

Winners will be selected by a committee and featured in the July issue of Cedar Valley Business Monthly. A special reception will be held honoring the 8 selected leaders.

Zip:

SUBmIT YOUR ENTRY BY mAIL, fAX OR ONLINE: MAIL: 8 over 80, P.O. Box 540, Waterloo, IA 50704 FAX: Attn: 8 over 80, (319)-234-3297 ONLINE: www.WCFCourier.com/8over80

NOmINATIONS DUE: fRIDAY, mARCH 28, 2014

Business Monthly Partners:

cvbusinessmonthly.com

Cedar Valley Business monthly

March 2014

25

volunteerism

Encourage professionals to volunteer Let’s face it: We live in a busy world. Between meetings, travel time and fulfilling daily obligations, it’s hard to find time to volunteer. This becomes even more difficult when we’re balancing work and home life. Given Cori Power this, how can oris human ganizations draw resources in volunteers? director Here are 10 at Bergan ideas to consider: Palusen in individWaterloo and ■■ Ask membership uals. When askdirector of ing a large group the Cedar for volunteers, Valley Society it’s easy for peoof Human ple to ignore the Resource Management. invite. However, Contact her at when you tap the (319) 234-6885 shoulder of a speor cpower@ cific someone you berganpaulsen. know would be com. a great volunteer they are more likely to make the commitment.

■■ Ask volunteers to take on a task versus a title. If a person is new to volunteering, it’s often easier for them to commit to helping with a task versus taking the lead on a project. As they feel more comfortable with an organization they will be willing to take on larger volunteer roles.

■■ Take them seriously. Create an environment that lets volunteers know they are important, invites them to share their ideas and keeps them coming back.

■■ Be flexible. If your organization requires volunteers to meet regularly, be flexible on time and place. Consider holding meetings over meals so volunteers do not need to take time off work or spend additional time away from home to attend. You could even hold conference calls versus a face to face meeting.

■■ Offer virtual volunteering opportunities. For example, many professional organizations ask volunteers to mentor students or younger profession-

als. If those mentoring meetings could take place via video conferencing, professionals wouldn’t need to leave either the office or their home to meet with their mentee.

■■ Provide clear instructions. People feel good about their time spent volunteering. But that good feeling can easily be replaced by frustration if they don’t have clear instructions on what’s expected of them. Make sure you’ve done the prep work ahead of time and provide good instructions to your volunteers.

■■ Offer professional credit. Organizations can do this in two ways. If the event is an educational program, you can apply for continuing education credits from the prospective accreditation organization. Also, with some certifications professionals can actually receive continuing education credit for hours spent volunteering!

■■ Invite the family whenever possible. It’s easier to commit our evening or weekend time

if we can bring our families with us to enjoy the event as well. It’s also a great opportunity to show their families what they’ve been working on!

■■ Ask for feedback. After an event, ask your volunteers what you should keep, start and stop doing to make your next event even better. This also reinforces No. 3 — take your volunteers seriously.

■■ Give them free stuff! It might sound cliche, but people love free stuff. It doesn’t need to be anything expensive or elaborate. Even a small token of appreciate can go a long way. If you have a large volunteer group, consider a free t-shirt, water bottle or reusable grocery bag. For a leadership board or a small group of volunteers, consider personalized thank you cards with a $5 gift card included.

If you make volunteering with your organization fun, rewarding and easy, you will likely find people are more than willing to give their time and effort to help.

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March 2014

Cedar Valley Business monthly

cvbusinessmonthly.com

Personal finance

Misconceptions about Social Security A recent nationwide survey of 1,007 adults shows that many Americans are still in the dark when it comes to planning for Social Security. That could have significant consequences, like not receiving the full benefit and missing out on much-needed income later in life.

G. Bret The good news Trasamar is that 71 percent is a financial of survey responassociate dents ages 55 and with Thrivent over feel either Financial for Lutherans in “very certain” or Waterloo. “optimistic” that Contact him Social Securi232-2321 or ty funds will be bret.trasamar@ available to them thrivent.com. when they retire.

However, the picture looks a bit bleaker to those 35-54: 39 percent of respondents are “doubtful” Social Security will be around when they retire, though they are still making it part of their retire-

ment strategy; 19 percent are not including it as a part of their retirement strategy at all. Finally, of those surveyed who are ages 18-34, 39 percent are not including it in their retirement strategy, and 26 percent are including it, but are “doubtful” Social Security will be around.

According to Social Security trustees, enough reserves exist for the system to pay 100 percent of promised benefits until 2033 without further reform. Even if the program pays out lower percentages of benefits after 2033, chances are it will contribute to retirement income at some level for many years into the future.

Myriad ways to claim Social Security exist, based on things like marital status, disability, employment history and age. These strategies can make a big difference in a person’s bottom line.

But few know about those options, the Thrivent Financial survey found: ■■ 32 percent of respondents believed there is only one way to

A SMART HOME IS A BRILLIANT IDEA

draw Social Security: claiming benefits on him/herself and the money he/she has paid into the program.

■■ 24 percent said they could claim a couple of ways, and they are confident that they know what those ways are.

■■ 32 percent said they know there are a couple of different ways to claim, but they have no idea what those are.

■■ Only 12 percent of respondents identified that many ways to claim Social Security exist.

Talking with someone who can help figure out the best time to file and claim Social Security is important for a solid financial future. Tools exist to more accurately estimate the benefit people can receive and how it can play into an overall strategy.

One of the biggest misconceptions about Social Security is that no matter when a person decides to claim, the monthly benefit amount is the same. Many don’t know that waiting to claim Social Security can pay off. Most

people know that individuals can start receiving Social Security benefits at age 62. But, few understand that those who start receiving benefits at 62 will get less per month than if they waited until full retirement age. Full retirement age is 66 for persons born from 1943 to 1954; it increases by two months each year for those born from 1955 to 1959; it’s 67 for persons born in 1960 or later. If individuals hold off until age 70, the monthly benefit will grow even more.

Social Security has developed a bit of a bad reputation over the past decade, but for the foreseeable future it is expected to remain a reliable financial resource.

If individuals don’t take all income streams into account while planning for retirement, they may miss out on valuable options to make a financial strategy even stronger. Taking the time to learn more about how Social Security can influence a retirement plan can have big long-term implications.

A private wealth advisory practice of Ameriprise Financial Services, Inc.

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Ameriprise financial services, Inc., Member FINRA and SIPC Cedar Valley Business monthly

March 2014

27

PRSRT STD U.S. POSTAGE PAID PERMIT No. 100 Waterloo, IA

EXCELLENCE | INTEGRITY | HUMILIT MILITY

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David P. Wilson Jack E. Jennings Dustin W. Whitehead CCIM CCIM CCIM

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