On Monday, we had a guest speaker, Alex Froloff. Alex is a director of retirement services at Principal Financial Group. Alex specializes in helping small businesses find individual retirement plans for their employees and owners.
Alex gave insight into how small businesses can put away money for their employees and themselves through 401k and profit sharing. When employers start setting up 401ks for their companies they are able to figure out how they can invest into the 401k for their employees and it could also be tax deductible. Instead of claiming what your company made, you can put some of it into a 401k for your employees. If you match your employee contributions it is tax free and will continue to grow tax free. Additionally, for your kids you can create a Roth IRA and you can have them as an employee or they can be self-employed. You can invest in your child’s Roth and it will be a tax deduction for you and the child’s earnings with from tax free. The withdrawals can be tax free as well.
Alex and Principal Financial Group work with Michael Shafer and Edward Jones. If you have any questions on how your company can invest in your employees retirement, as well as your own, don’t hesitate to contact Michael.
Remember to invite guests to keep our membership continually growing!
1st Classification Postings:
2nd Classification Postings:
Welcome New Members:
Please welcome Peter Godden of Envy Electric under the classification of Electrician
Other Membership News:
Classification of the Month:
Traveling? Call Pat Ellington for toady's hot deals.
PGA West La Quinta Condo. Call Jim Nesmith for details (562) 900-2230.
Board Meeting Minutes:
Executives Association of Long Beach
May Meeting Agenda
May 13th, 2019 – 11:30 am
Location: The Grand
11:30 AM J. Sawday ROLL CALL
PRESENT: _x__J. Sawday (P) __x_ J. Beeler (VP) _x__ E. Speier (S/T)
_x_ V. Bunting x__T. Di Leo _x_E. Riley H. Desh _x__ K. Gragson (PP)
Others: S. Caudillo (Executive Director) _x__
11:35 AM J. Sawday MINUTES
· Motion to approve minutes from April 2019 Board Meeting?
· Motion: V. Bunting 2nd: E. Speier Discussion. All in favor? 6 Any Opposed? 0 Motion Passes
11:40 AM E. Speier FINANCIAL REPORTS
· Motion to receive and file the financial reports for April 2019?
· Motion: E. Speier 2nd: J. Sawday Discussion. All in favor? 6 Any Opposed? 0 Motion Passes
11:45 AM J. Beeler MEMBERSHIP
· No new memberships at this time
· Since Corey Vane has left A-Throne and has started his own company he has asked to wait till this month to see if will be able to come back. We have not received a response from for A-Throne in keeping their membership. If they choose not to Corey has shown interest in staying with the Execs. There is nothing in the bylaws that state there is not a minimum for businesses to be open.
· If A-Throne declines membership. It would be acceptable within the bylaws to invite Corey back to take back the classification of temporary fencing rentals
Motion to accept Corey Vane’s new company if A-Throne declines membership.
· Motion: No Motion Discussion. All in favor? Any Opposed?
11:50 AM J. Beeler / Eric Speier BUSINESS PROMOTION
· Update on Mixer
· Will be October 24th
· Speaker suggestion topic, decluttering your business
· History behind the mixer
· Follow-up and Feed back
· Next meeting tbd
11:55 AM J. Sawday / S. Caudillo OLD & NEW BUSINESS
· Corey Vane position on the Board has been vacated due to him leaving A-Throne. After an extensive search Heather Desh has agreed to accept the position. Thank you Heather.
· Motion to accept Heather on the Board of Directors
· Motion: T. DiLeo 2nd E. Riley Discussion. All in favor? 7 Any Opposed? 0 Motion Passes
· Hosting a summer mixer. Maybe on Larry Boren’s boat or at Jennifer’s home
· More informal get togethers during the summer
12:00 PM J. Sawday GOOD OF THE ASSOCIATION
· Comments from each member on their current evaluation of the state of the EALB.
· The Next Board meeting is June 10th at 11:30 at The Grand.
12:05 PM J. Sawday ADJOURN