Los Angeles and San Fernando Valley Business Journal’s Economic Forecast & Trends 2016

23 February 2016 Posted by Danone Simpson Press No Comments

President & CEO, Danone Simpson, was recently featured in the Los Angeles and San Fernando Valley Business Journal’s Economic Forecast & Trends panel.

“On Tuesday, February 16th, the Los Angeles Business Journal hosted a roundtable style discussion on economic trends and forecasts for Los Angeles County and Southern California. Our panel of regional experts shared their insights on the biggest headlines of 2015 and where they feel the market is going this year. Moderated by the Los Angeles Business Journal’s Publisher and CEO, Matt Toledo, the discussion was spirited, informative and insightful.” – Los Angeles Business Journal

View the article on the LABJ website here

View a sneak peek of the event here!

Read more

Smart Business June Insight 2015

1 June 2015 Posted by Danone Simpson Press No Comments

ERISA — the Employee Retirement Income Security Act of 1974 — was originally designed for the protection of individuals enrolled in pension plans, but today it affects almost all employers very broadly.

Smart Business spoke with Tobias Kennedy, executive vice president at Montage Insurance Solutions, about how to adequately protect your company from ERISA regulations with ERISA Wrap.

What is ERISA’s history and the basics of how it works?

ERISA actually has a pretty interesting history. Back in the 1960s pension reform gained some momentum after the Studebaker Corporation, the automotive manufacturer, closed its plant. Due to a poorly funded program, thousands of people were left with no pensions at all and thousands more received lump sum settlement payments valued at a fraction of the proper amount.

The basics of the law require employers to meet certain standards for employee benefits programs and the responsibility really does extend beyond just the retirement piece.

To comply with all of the regulations that ERISA levies, employers need to take action on their benefits products as well, such as the group medical, dental, life insurance, etc.

Which employers are affected by these regulations?

While a lot employers know about ERISA broadly, many don’t realize that it is a federal law affecting almost all employers. It doesn’t matter what is the size of the company, or whether the plans are fully insured or self-funded. It impacts all employers including private sector, corporations and partnerships.

What else don’t employers realize about ERISA?

Additionally, not only are there a lot of employers who are a little under-informed, but the Department of Labor (DOL) also has been awarded funds to audit groups who may not be fully ERISA compliant by cross referencing retirement with the health and welfare.

It’s really a perfect storm where employers are being hit hard for thousands, sometime hundreds of thousands of dollars.

The DOL has the authority to assess penalties up to $1,100 per day, per line of insurance with no maximum cap and no statute of limitations, so non-compliance can be expensive!

How can employers best be aware of potential regulations and avoid these kinds of penalties?

You should consider looking into ERISA Wrap, because unfortunately master contracts, certificates and benefit summaries do not qualify as a written plan document. ERISA Wrap is an approved IRS solution because it includes all of the required information all in one place.

A good ERISA Wrap will gather things like the plan administrator’s name, how the plan is funded, eligibility requirements for employees, rules about protected health information, and required notifications such as Women’s Health and Cancer Rights Act enrollment, Newborn’s Acts, Michelle’s Law, information regarding COBRA administration and much more.

To make sure this is done properly, the easiest thing to do is simply call your broker.

But this isn’t just one document and then you’re good to go — it’s an annual upkeep, and you’ll want to be sure you’re working with a partner versed in the arena to ensure this gets completed after each renewal period.

As seen in Smart Business

Smart Business May Insight 2015

7 May 2015 Posted by Danone Simpson Press No Comments

Culture Is Far Reaching

by Danone Simpson

“Culture is something that can be influenced by leadership. The extra things we do for our employees are far reaching,” says Danone Simpson, CEO of Montage Insurance Solutions. “Reaching beyond the normal sets you apart.”

Smart Business spoke with Simpson about her company’s culture and what she’s doing to improve it.

Can you provide an example of how leadership can improve a company’s culture?

Spending time at my niece’s home last May while her three month old had a major surgery inspired a kid’s camp in our office, which included the employee’s children.

I witnessed two young parents juggling their schedules so they could be home with the children as often as they could. The surgery allowed both the baby and her three-year-old, older brother to be at home for the week. As the time grew closer for me to leave and the children to go back to day care I saw the pain in my niece’s face.

On the flight home my thoughts shifted to my employees and their children. It was on that trip that I decided to have a kid’s summer camp at the office.

The first young lady we hired decided at the last minute to take another job, putting us in a bit of a bind. Luckily, another employee spoke up, ‘I have a friend whose sister may love a job like this.’

We asked the young lady to come in the next morning. She appeared at first glance a serious girl. I was a bit concerned since camp was starting the next day.

Taking a leap of faith like this drew a few internal questions; however I had committed to the employees and after reading “Lean In” by Sheryl Sandberg I knew this was a step in the right direction.

As it turned out the young lady’s first sentence to me during the interview was, “I was working on science projects last night and the play dough came out really good.” I hired her immediately.

How did Sheryl Sandberg’s book weigh into your decision?

In the story she wrote about being pregnant and running to the door for a meeting after parking far away. She was out of breath, and when she sat down Mark Zuckerberg asked her why they did not have closer parking for pregnant women.

She paused and realized that leadership needed to get back to thinking about some of the unique differences we enjoy as women and men.

We push to be the same, but the truth is in some ways we are not.

Today, parents equally share in caring for their children and I see in both our young fathers and mothers the gratitude in having their children experience their workplace if even for a day.

What was the result of your summer camp?

It was a fun-filled summer for the children. They spoke about what they had learned about their mother’s and father’s heritage, presenting boards filled with family photos to our employees.

Recently, we moved our offices and it was important to me that our culture remained intact as we transitioned from a homey office environment to a more modern one.

So, during the spring break we invited the employees’ kids (ages 6-11) to return once more.

This time they presented what they wanted to be when they grew up. I asked them to think beyond sports, art, singing and dancing and to think about these important talents along with a second career to take them even further out. Daniel wants to be a football player and a Paleontologist, studying fossils to determine organisms’ evolution and interactions. His younger brother wants to study the sea as an oceanographer.

They all stood proudly in front of the employees in our conference room presenting to our familiar faces smiling, cheering them on and asking them questions. It was a special bonding time for us all.

We impact our employees in many various ways, and when we include their families it leads to growing strong commitments, and less reduction in workforce, which creates a culture that lasts.