Auto features: If you offer auto-enrollment, auto-escalation and other features to help your employees get to a successful retirement, you become a real partner and advocate for your employees.
If you offer a match: You want to be sure ALL of your employees are contributing enough to get the full match. We do reach out to all of our 401k participants to be sure they understand that we want them to get the most from this 401k benefit. A conversation goes a long way!
Building a portfolio: Many employees feel “analysis paralysis” when putting a portfolio together. This is not their expertise and sometimes, employees will try to sort the data on peer rankings, expense ratios, performance and target date funds. This is our job. We can assess their risk and help them build a portfolio that is right for them. The owner needs to stay out of these conversations since they are not a fiduciary and do not want to give advice that they are not equipped to do.
If you have a Roth option: Many employees have a misconception around this. They think they earn too much money to contribute to the Roth 401k. There are no income limits in a Roth 401k, unlike the Roth IRA. We need to remind them that this is tax free growth and a great benefit!
Employee debt: We often ask about the debt load of the employees of each group. Sometimes they have a lot of young folks that still have student loans, or others have a heavy debt burden. We can give them advice on how to pay off their debt, and how to address other financial decisions in their life.
Education: Many times, an owner of a business feels like a “parent” to their employees. Often, an employee will go to the owner and ask financial questions, because it is the owner that pays them, and they look for financial advice from someone they respect. The owner should NOT try to answer these questions, and send them to a professional. We educate and hold workshops for all of our retirement plan participants.
As any 401k plan business owner knows, there’s the chance of audits. These are generally random, but can also result from information submitted on the Form 5500 or employee complaints. Here are the top 10 Most Common 401k Audit Failures:
1. Failure to update plan document
2. Failure to follow the terms of the plan document
3. Incorrect eligibility determination
4. Incorrect hardship withdrawal approvals
5. Incorrect application of loan provisions
6. Failure to make required contributions
7. Failure to file Form 5500
8. Uncorrected testing failures
9. Untimely or failure to send required notices
10. Failure to manage involuntary distributions
Invest Well. Manage Well. Live Well.
Gary is a Financial Associate at Gleba & Associates, Inc., joining our team in June 2020. After graduating from Walsh College with a Bachelor’s Degree in Finance in 2013, he began his career at Raymond James Financial Services. He then moved to the world of banking, working as a banker with Chase Private Client and then as an Assistant Vice President, Financial Advisor with PNC Investments. Gary has expertise in all aspects of financial planning including investment management, higher education planning, life insurance, and long-term care insurance needs analysis. When he gets away from the office, he loves to spend time with his wife, Lauren, and two daughters, Hadley and Harper. He enjoys woodworking, boating, summer weekends at the family cottage, spending time outdoors and traveling.
Conor is a Financial Associate at Gleba & Associates, Inc., where he started in 2018. Conor has prior experience in the financial planning industry, as well as in the insurance industry. His high level of understanding insurance and financial products helps him in assessing the needs of our clients. He holds a Bachelor of Science degree in Business Administration with a concentration in Finance from the University of Detroit Mercy. You can often find Conor playing soccer or walking with his two dogs Milo, and Ellie. He is also an avid follower of the Detroit Tigers, Detroit Red Wings and his alma mater, the University of Detroit Mercy Titans.
Lorie Heitzer is our Financial Associate at Gleba & Associates, Inc., where she has been a valuable employee for more than a decade! In her current role, Lorie assists with client reviews, implements client financial planning, and handles preparation of investment paperwork. During her time with Gleba & Associates, Lorie has earned her Series 6 (Investment Company Variable Contracts Representative), 63 (Uniform Securities Agent) and Life Insurance Licenses, allowing her to move into her current role where she assists clients in both of these areas. Lorie and her husband Bill, along with their daughters Lauren and Alexandria, and sons-in-law, Andrew & Joe, enjoy golf and make it a family event whenever possible. Her tenure at Gleba & Associates speaks volumes to her passion for the firm’s family atmosphere and her dedication to our clients and their financial and insurance needs.
Terri is the Service Manager at Gleba & Associates, Inc., Joining the team in April, 2015. In her role, she handles client service requests and underwriting. Terri’s previous experience in 401(k) Retirement Plans, Payroll and Human Resource Administration is invaluable, allowing Gleba & Associates to grow and run efficiently. This is knowledge that can also assist our small business clients as they grow their businesses. Terri enjoys spending time with family, which includes her husband, Gerry and her two children, Vincent and Genna. She loves the outdoors and camping with family in their RV. Terri looks forward to continuing the high level of customer service you have come to expect from Gleba & Associates!
Michael is the Marketing Manager at Gleba & Associates, Inc., where he began in August 2017. In his position, Michael creates and develops marketing strategies to enhance the image of Gleba & Associates, and helps maximize the Client-Advisor relationship. He is also in charge of company events, seminars, and educational workshops. Michael has a Bachelor of Applied Arts Degree in Integrative Public Relations from Central Michigan University. When he is not in the office, Michael can most likely be found playing billiards, playing poker, on the tennis court, or rooting on the Utica Unicorns baseball team. Michael stays active by going to the gym and going to the dog park with his Labrador-mix, Milton. His approachable attitude, along with experience in marketing, communications, and social media, makes him a valuable asset to the Gleba & Associates team.
Moiz is our Financial Associate at Gleba & Associates, Inc., where he began in 2013 after working for Bank of America and Thomson Reuters in various financial roles. In his position, Moiz assists in the research of financial solutions in order to meet client’s needs, conducts client reviews, provides insurance quotes, offers detailed financial plans, and delivers follow-up services to our clients. Before moving to the United States in 2004, Moiz grew up in rural India, where he was raised in a family of entrepreneurs. This allowed him to quickly learn the value of financial investment. Moiz holds a Bachelor of Commerce Degree in Accounting from Gujrat University and a B.B.A. in Management and an MBA from Walsh College of Accountancy and Business Administration, where he was elected as a member of Delta Mu Delta, the International Honor Society in Business Administration in recognition of high scholastic attainment. Moiz enjoys spending time with his wife, Tasneem, son, Taha, and family. He also loves playing tennis and rebuilding computers. His expertise in the areas of banking, mortgage and taxation helps to provide our clients with distinct portfolio advice as well as overall financial direction and growth.