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Outside Insights

Single Employer Pension Relief in the COVID-19 Rescue Bill

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (“ARPA”) into law. The overall purpose of the bill is to provide relief from the economic impacts of the COVID-19 pandemic. As the fifth round of COVID relief, ARPA is a sprawling bill which impacts many employer-provided benefits, including a large bail-out of multiemployer pension plans, changes to COBRA premium assistance, increased support for ACA premiums, paid sick and family leave credits, dependent care assistance, and section 162(m) changes, among others.

There’s more to relationships than networking

Willy Loman never did understand that there was more to success than being liked.

A couple of years ago I was asked to give a talk on networking. I asked the organizer, why me? I believe networking as taught by many business gurus and commonly practiced in today’s marketplace is little more than professional panhandling. She snapped back, that’s exactly why we want you to give the talk.

What is Rochester’s advantage? It’s our people

I was talking to Tony DiBarnaba the other day about the company he founded 20 years ago. Benefit Resource employs 100 in a new, 30,000-square-foot corporate headquarters in Henrietta. Benefit Resource pioneered, and is a leading provider of, company-sponsored tax advantage commuter and health plans using debit cards. In addition to the corporate headquarters, it has offices in New York, Boston, Chicago and San Francisco. DiBarnaba told me that more than 75 percent of his of his business, and most of its growth, is from outside of Rochester.

Casinos are unlikely growth strategy for state

Gov. Andrew Cuomo laid out his economic priorities in his recent State of the State address. Apparently, he has determined that the next gold mine for upstate New York are casinos, which have proven to be the most significant voluntary tax available to state governments.

Possible B+L sale isn’t good news for Rochester

It started with a simple handshake in 1853 between John Jacob Bausch and his friend Henry Lomb. Lomb loaned Bausch $60 to start an optics company with the promise that if it grew they would become full partners.

An outside view of business world from inside

Not that I can write like Shaw, but believe it or not, after hanging around for three years, the Democrat and Chronicle has asked me to write a regular column about life in our business community. Talk about taking a chance.

Brian J. Schiedel

Principal – Retirement Plan Consulting

Brian Schiedel is responsible for monitoring daily valuation recordkeeping services, ensuring that transactions meet strict procedural guidelines, and providing compliance and other consulting services for Burke Group’s retirement plan clients. He serves as the direct Relationship Manager for more than 30 retirement plans.

Prior to joining Burke Group, he obtained his bachelor’s degree in management science from the State University of New York at Geneseo. He has also obtained the Qualified 401(k) Administrator (QKA) designation through the American Society of Pension Professionals and Actuaries (ASPPA).