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Welding & Gas CFO Club Recap December 2023

Thursday, December 28, 2023
Tony Hopkins

Thank you to those that were able to make it for the discussion on December 20th. We had a good group.

Discussion Recap

  • 401k Best Practices – Philip Steel ( from Cerity Partners.
    • Fiduciary liability – personal assets of trustees are exposed, advisor should be taking on the 3(38) liability
    • Growing plans, cost less in expenses
    • 5500’s make your data publicly available for all to see (including litigators)
    • Secure Act 2.0
    • Revenue sharing present in approximately 80% of plans (non-transparent form of compensation, should remove if possible)
    • 50 basis points of expense starts to draw the ire of litigators, but most plans are closer to 05 to 15 basis points in cost
    • Shop the recordkeeper every 3 years to keep them honest, costs have significantly decreased in recent years due to increased competition and increased asset/plan size
    • Auditors only audit the arithmetic, not the fees and the expense structures
    • Investment mix
  • Fleet management
    • Lease vs buy
    • Company car vs auto allowance – including administration and philosophy
    • Maintenance and how budgeting is conducted
    • Insurance/risk for each
    • Use of cameras and GPS – most carriers have partner programs to offer discounts on certain systems

Discussion topics for next meeting – February 21, 2024

  • ERP Functionality (CU, Trackabout, etc.)
  • Credit Cards
    • Settlement fees
    • Managing customer payments
    • A/R – encourage or not
    • A/P
    • Bonus – Fraud and accounting, positive pay

Additional note

  • Future meeting – April 10, 2024, Topics TBD

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