NOVEMBER 2007 ISSUE
PHILADELPHIA
Newsletter
= MESSAGE FROM THE PRESIDENT =
A s we quickly approach our next dinner meeting with Charles Plosser on
November 29th, I would like to bring everyone’s attention to our special
offer for all members and sponsors to bring one perspective member as a
PRESIDENT
Art Rea
COO
Electric Mobility Corp.
guest at no charge to this event. The guest must be registered with Krista
Sackman in advance of the meeting to assure we have adequate notice to the VICE PRESIDENT
Thierry Denis
caterers and also to confirm that the guest meets FEI’s membership criteria. VP & General Manager
This is the only dinner meeting this season where we will be able to make this Certain Teed Corporation
offer. Please contact Krista by phone or e-mail found in this newsletter if you
SECRETARY
have questions regarding membership qualifications. Winfield Akeley
We wish to thank Marsh, PwC, Citizens Bank and Accume Partners for President
Vesta FinancialCare
providing our first three PD sessions this season. They were all well done and
provided both timely and helpful information to our membership. Our next PD TREASURER
event will be sponsored by Smart on December 11th from 7:30 to 10:00 am Robert Amweg
Turner Investment Partners
at the Radnor Hotel for two CPE credits. The topic will be “Year End Tax
Update/ Fin 48 Discussion”. DIRECTORS
A s we begin to think about wrapping up 2008 budget preparation in many William Annechini
of our companies, please take note of the many internship programs we Scott Beagle
have been communicating to our membership in the last few months via
Carmen Conicelli
e-mail. Two of our board members, John Gillispie and Thierry Denis have Chief Financial Officer
generously spent considerable time and effort meeting with our local Edmund Optics, Inc.
university partners to make the internship opportunities easy to access. From
Daniel Dalton
personal experience, the internship programs have successfully provided Vice President
Electric Mobility with important skill sets when we needed them, without Subaru of America,Inc.
counting toward headcount. The program further resulted in two key hires
over the last two years eliminating costly recruiting expense. John N. Gillispie
President & COO
On behalf of the Philadelphia FEI Board of Directors, best wishes for a safe Starr Transit Co., Inc.
and relaxing Thanksgiving holiday. We hope to see you at our next dinner Cynthia Koerner
meeting on November 29th. Executive Vice President
Mitsubishi Fuso Truck of
Thank you, America, Inc.
Eric Loges
Vice President & CFO
United Phosphorus Inc.
Art Rea, Chapter President Thomas Pilko
Director
Signal Holding
Kenneth Podolak
VP & Director of Operations
PPL Energy Services
James Tholey
Managing Director
Accume Partners
Mary West Young
Senior Director
Comcast Corporation
CHAPTER ADMINISTRATOR
Krista Sackman
phone: 973.765.1038
email:
philly@financialexecutives.org
Mitchell Hollin speaking at our October Chapter Dinner
2007-2008 PROGRAMS
= NOVEMBER 29, 2007 =
CHARLES PLOSSER, PRESIDENT OF FEDERAL RESERVE BANK OF PHILADELPHIA
“THE ECONOMIC OUTLOOK & CENTRAL BANK POLICY”
CLICK HERE TO REGISTER ONLINE NOW!
Program: Networking 5:30 pm | Dinner 6:30 pm | Speaker 7:00 to 8:00 pm
Location: PNC Bank Center Hall, 1600 Market Street, Philadelphia, PA 19103
CPE Credit: This event qualifies for 1 Credit | Dress Code: Business Attire
Cost: $55 Members who register in advance| $65 Members at door & guests
Giveaway: There will be a surprise drawing - Bring a business card to enter!
BRING A QUALIFIED POTENTIAL FEI MEMBER AS GUEST FOR FREE!
QUALIFIED
(MEMBERSHIP CRITERIA LISTED BELOW-MUST BE QUALIFIED!)
Dr. Charles Plosser became president of the Philadelphia Federal Reserve in August 2006. In this role, he
participates in the Federal Open Market Committee, which is responsible for conducting our nation’s
monetary policy. Before joining the Fed, he was an economics professor at the University of Rochester’s
William E. Simon Graduate School of Business Administration, where he also served as dean from 1993 to
2003. During his career, he has been a visiting scholar at the Bank of England and the Federal Reserve
Bank of Minneapolis.
***SIGN UP BY NOVEMBER 26TH***
= DECEMBER 12, 2007 = = FEBRUARY 14, 2008 =
GRACE HINCHMAN, SR. VP OF PUBLIC AFFAIRS & SOCIAL EVENING– THE PHILLY POPS AT THE
TECHNICAL ACTIVITY OF FEI KIMMEL CENTER
“JOINT MEETING - DELAWARE CHAPTER” LIMITED TICKETS - DON’T WAIT TO SIGN UP!
Location: Corinthian Yacht Club, Essington, PA Location: The Kimmel Center, Philadelphia, PA
CLICK HERE TO REGISTER AHEAD CLICK HERE TO REGISTER AHEAD
= MARCH 2008 =
ROBIN L. WIESSMANN, PA STATE TREASURER
Location: Union League Club of Philadelphia
DETAILS COMING SOON!
= APRIL 23, 2008 = = MAY 8, 2008 =
MICHAEL NUTTER, CANDIDATE FOR MAYOR JUDITH GLASER, AUTHOR OF DNA OF LEADERSHIP
Location: Union League Club of Philadelphia “ACADEMIC AWARDS NIGHT”
Location: Union League Club of Philadelphia
CLICK HERE TO REGISTER AHEAD CLICK HERE TO REGISTER AHEAD
FOR FURTHER INFORMATION ABOUT ANY PROGRAMS LISTED VISIT US ON THE WEB
HTTP://PHILLY.FINANCIALEXECUTIVES.ORG (CLICK ON MEETINGS & EVENTS)
= PROFESSIONAL DEVELOPMENT =
= DECEMBER 11, 2007 - 7:30 TO 10:00 AM=
“FIN 48 DISCUSSION”
Location: Radnor Hotel, 591 East Lancaster Ave, Saint Davids, PA
CPE Credits: This complimentary session qualifies for 2 credits
Presented by SMART
Technical Update
Remediation Issues: Federal & State
Disclosure Issues
CLICK HERE TO REGISTER ONLINE NOW
= JANUARY 16, 2008 - 7:30 TO 9:30 AM=
“TOPIC TO BE ANNOUNCED”
Location: Radnor Hotel, 591 East Lancaster Ave, Saint Davids, PA
Presented by Resources Global Professionals
CLICK HERE TO REGISTER ONLINE NOW
= JANUARY 29, 2008 - 7:30 TO 10:00 AM=
“DEFERRED COMPENSATION: NEW 409(a) RULES AND
LABOR & EMPLOYMENT ISSUES”
Location: Radnor Hotel, 591 East Lancaster Ave, Saint Davids, PA
CPE Credits: This complimentary session qualifies for 2 credits
Presented by Buchanan Ingersoll & Rooney, PC
CLICK HERE TO REGISTER ONLINE NOW
= FEBRUARY 21, 2008 - 7:30 AM=
“TOPIC TO BE ANNOUNCED”
Location: Radnor Hotel, 591 East Lancaster Ave, Saint Davids, PA
Presented by PricewaterhouseCoopers
CLICK HERE TO REIGSTER ONLINE NOW
FOR FURTHER INFORMATION ABOUT ANY PROGRAMS LISTED VISIT US ON THE WEB
HTTP://PHILLY.FINANCIALEXECUTIVES.ORG (CLICK ON MEETINGS & EVENTS)
= PROFESSIONAL DEVELOPMENT CONTINUED =
= MARCH 13, 2008 - 7:30 TO 9:30 AM=
“GOVERNANCE”
Location: Radnor Hotel, 591 East Lancaster Ave, Saint Davids, PA
CPE Credits: This complimentary session qualifies for 1.5 credits
Presented by Accume Partners
CLICK HERE TO REGISTER ONLINE NOW
= APRIL 10, 2008 - 7:30 TO 10:00 AM=
“MERGERS & ACQUISITIONS: FINANCIAL SOLUTIONS-REPS & WARRANTIES, TAX”
Location: Radnor Hotel, 591 East Lancaster Ave, Saint Davids, PA
CPE Credits: This complimentary session qualifies for 2 credits
Presented by MARSH
CLICK HERE TO REGISTER ONLINE NOW
= MAY 1, 2008 - 7:30 TO 10:00 AM=
“ENTERPRISE RISK MANAGEMENT”
Location: Radnor Hotel, 591 East Lancaster Ave, Saint Davids, PA
CPE Credits: This complimentary session qualifies for 2 credits
Presented by SMART
CLICK HERE TO REGISTER ONLINE NOW
= MAY 20, 2008 - 8:00 TO 10:00 AM=
“BEYOND BANKS; A PRIMER ON DEBT CAPITAL. WHAT IS
AVAILABLE, WHO USES THESE PRODUCTS AND WHEN”
Location: Radnor Hotel, 591 East Lancaster Ave, Saint Davids, PA
CPE Credits: This complimentary session qualifies for 2 credits
Presented by Citizens Bank
CLICK HERE TO REGISTER ONLINE NOW
= JUNE 11, 2008 - 7:30 TO 10:00 AM=
“DEVELOPMENTS IN INTERNATIONAL FINANCIAL REPORTING STANDARDS”
Location: Radnor Hotel, 591 East Lancaster Ave, Saint Davids, PA
CPE Credits: This complimentary session qualifies for 2 credits
Presented by The Siegfried Group
CLICK HERE TO REGISTER ONLINE NOW
FOR FURTHER INFORMATION ABOUT ANY PROGRAMS LISTED VISIT US ON THE WEB
HTTP://PHILLY.FINANCIALEXECUTIVES.ORG (CLICK ON MEETINGS & EVENTS)
WOULD YOU LIKE TO GET MORE INVOLVED IN THE CHAPTER??
The accomplishments of the Philadelphia Chapter and its value to you, our members, are directly related to your
involvement in chapter activities, programs and development. If you are interested in getting more involved or just
want to find out more about the chapter, contact Krista Sackman ksackman@financialexecutives.org (973)765-1038.
ACSYS - THE BOTTOM LINE
UNDERSTANDING GENERATIONAL DIFFERENCES IN THE WORKPLACE
F or the past couple of years, there have been many statistics published about the impending challenge
of replenishing a depleting workforce due to the retirement of the Baby Boom generation. The US
Census Bureau has predicted that by the year 2029, 44% of the workforce will have reached retirement
age, with barely enough young people entering the working age group to replace them. In order to meet
this challenge, many companies are choosing to embrace the various generations in the workplace by
learning their distinctive traits and implementing generational specific programs in order to increase
retention.
“This is the first time in the history of work in America that there are so many generations in the
workplace at one time,” states Clare Rice, an international business consultant. “The younger people are
entering the workplace younger than they used to and the older groups are staying longer than they
used to.” Workplace tensions can arise when people of different generations do not understand each
other. By learning and understanding the various generational values of employees, an organization can
devise a management and employee engagement strategy based on each generations specific work
behaviors and communication style. According to the Mayo Foundation for Medical Education and
Research, a common formula for success when working with different generations involves three steps:
• Be aware of the differences. Acknowledge that everyone has unique traits. Your colleagues’
distinctive qualities influence their attitudes towards work.
• Appreciate strengths. Focus on the positive attributes instead of harboring frustration over
differences.
• Manage the differences effectively. Once you’ve acknowledged the differences and taken time to
consider the strengths, find ways for each generation to interact in ways that will be mutually
beneficial.
TO CONTINUE READING FULL ARTICLE CLICK HERE
WELCOME NEW MEMBERS!
DONNA MARIE DORRIS
Chief Financial Officer
Health Watch, Inc.
STEPHANIE BELLAMY
Senior Director, Corporate Risk Management
Cigna Corp.
NLRB LIMITS ABILITY OF UNIONS TO 'SALT' NON-UNION EMPLOYERS
Decision Allows Employers to Hire Based on Suitability Instead of Union Fears
M any employers have been unwillingly subjected to union "salting." Salting occurs when a union
representative attempts to gain employment at a non-union facility, with the undisclosed goal of
organizing the employees. The "salt" will then attempt to create unrest among the employees, for
example by alleging illegal and discriminatory practices, while seeking to persuade the employees that
they need union protection. Previously, all applicants could assert hiring discrimination, even when their
intent was to organize employees instead of to provide services to the employer. When an unwitting
employer rejected the salt's application, the union could then bring unfair labor practices charges against
the employer, claiming that the employer engaged in discrimination by rejecting the applicant because of
his or her union affiliation. Issues related to salting can cost employers significant amounts of money and
time to defend unfair labor practices charges and the associated disruption to the workforce. In contrast,
sending a salt to an employer costs the union nothing.
R ecently, the National Labor Relations Board ("NLRB") abandoned the presumption that all
employment applicants are protected and, instead, determined that a potential applicant must have
a genuine interest in gaining employment to have standing to bring a hiring discrimination charge
against the employer. In Toering Electric Co., 351 NLRB No. 18, the NLRB held that if an applicant is not
genuinely interested in employment, he or she will not qualify as a Section 2(3) employee (a term that,
in this context, includes applicants), and thus will not be protected against hiring discrimination based on
union affiliation. Additionally, the NLRB imposed on the General Counsel the burden of proving the
applicant's genuine interest in gaining employment.
TO CONTINUE READING FULL ARTICLE CLICK HERE
PROPOSED IRS REGULATIONS FOR SINGLE OWNER CAPTIVES
O n September 28, 2007, Marsh learned of proposed IRS regulations that would provide new guidance
regarding the treatment of transactions between members of a consolidated group, including
captive insurance company arrangements. If the proposed regulations become effective, it could
significantly impact the tax treatment of premium payments to U.S.-based captives and non-U.S.
captives which have elected to be taxed as a U.S. corporation. Your captive’s tax and legal advisors can
provide more information on the potential impact to your organization. While we have seen similar
proposals throughout our nearly four decades of managing captives, we believe it is important that you
are aware of this proposed legislation, the process by which it is evaluated, and what you can do to
influence it.
The Process for Proposed Rulemaking and Proposed Regulations:
So that you can better understand what has happened to-date and what is likely to happen moving
forward, we’ve outlined the general IRS rulemaking process:
What the IRS has Been Doing:
1. Initiating Events – The IRS has initiated discussions and proposed regulations and rules that it wishes
to formalize;
2. Determination of Whether a Rule is Needed – Administrative Act procedures govern and allow for
Preparation of Proposed Rules;
Where Are We Now:
3. Publication of Proposed Rules – The IRS published its proposals in the Federal Register on September
28, 2007 (Volume 72 No. 188); http://a257.g.akamaitech.net/7/257/2422/01jan20071800/
edocket.access.gpo.gov/2007/pdf/E7-19134.pdf
Where Are We Going:
4. Public Comments – The Rules state that public comments and hearings can be requested by
December 27, 2007 – See below for more on this step;
5. Review of Public comments;
6. Preparation of Final Rules or Regulations – the rules may be substantially changed or abandoned;
7. Publishing of Final Rules – in the same format, changed, or abandoned.
TO CONTINUE READING FULL ARTICLE CLICK HERE
MEET OUR SPONSORS
= PLATINUM LEVEL =
Rob Lightman Jim Welsh
PricewaterhouseCoopers LLP Grant Thornton LLP
www.pwc.com www.grantthornton.com
Joe Cathcart
Marsh USA, Inc.
www.marsh.com
Jerry Buckley (left)
Liam Hagerty (right)
SMART LLP
www.smartllp.com
Mike Rainone (left)
Jon Sprogell (right)
Citizens Bank
www.citizensbank.com
Jamie Luker (left)
Megan St. John (right) Craig Sanders
www.siegfriedgroup.com North Highland
www.northhighland.com
= GOLD LEVEL =
Bonnie Wolf
Acsys Inc.
Jim Tholey
www.acsysinc.com
Accume Partners
www.accumepartners.com
Robin Stuntebeck
Resources Global Professionals
www.resourcesglobal.com
Allan Dabrow
Buchanan Ingersoll &
Rooney PC
www.bipc.com
Eric Van Gilder
Commerce Bank
www.commerceonline.com