June Client/Partner of the Month

Harbor Health Services, Inc. (HHSI) is a Branford-based nonprofit community behavioral health agency dedicated to improving the quality of life of the people we serve by providing comprehensive, effective and efficient mental health and addiction services. HHSI is designated by the CT Department of Mental Health and Addiction Services as the Local Mental Health Authority for the towns of Branford, East Haven, Guilford, Madison, North Branford and North Haven and provides services to more than 1600 Shoreline residents each year.

HHSI specializes in serving adults with severe and persistent mental illness and/or substance abuse disorders and provides wrap-around services to help them live as independently and happily as possible. Services include:

· Outpatient Treatment Program (mental health and substance abuse)

· Intensive Outpatient Program (mental health and substance abuse)

· Clozaril Clinic: specialized treatment/drug therapy for individuals struggling with Schizophrenia

· Co-Occurring disorders treatment

· Outreach/Mobile Crisis

· Jail Diversion

· Tobacco Cessation services

· Primary Care and Wellness services (in cooperation with the Cornell Scott Hill Health Center).

· Community Support Services (case management)

· Community Living Program (intensive case management)

· Social Rehabilitation

· Employment Services

· A wide and expanding range of Residential Services including:

o Scattered-Site Supported Apartments

o A Group Home (Staffed 24/7)

o A Supervised Apartment and Respite Program (Staffed 24/7).

o Pilots substance-free housing

o HHSI is the largest housing provider for adults with serious mental illness in our service area.

· Peer support services (mental health and substance abuse)

· Bilingual counseling services

· The agency also sponsors a volunteer-run clothing bank.

For more information and how you can help please visit www.harborhealthservices.org or click on the title of this post above.

Sean Thomas Invited to Serve on Prestigious TPA Advisory Council

The Principal Financial Group announces that Sean W. Thomas of Wells Thomas, LLC has been invited to serve on its Third Party Administrator (TPA) Advisory Council for 2011. Sean joins a panel of nine other select TPAs from across the nation who will provide input to The Principal on key trends and regulatory issues impacting TPAs and their clients.

"Sean has extensive expertise and experience in the retirement plan industry," said Doug Grove, vice president and national sales director for retirement and investor services at The Principal. "We are delighted to welcome Sean to our advisory council, which plays a vital role in shaping the resources we make available to help TPAs manage and grow their businesses more efficiently."

Members of the TPA Advisory Council are considered leaders and experts in their field. The council's real world experience helps guide The Principal in expanding and improving its flexible platform of tools, services and pricing designed to help TPAs be more competitive.

CLIENT OF THE MONTH

We're pleased to introduce you to our current client of the month, Kim Tyler Photography. Please be sure to click on the banner above to be taken directly to their website. (click on the image above to enlarge)

Wells Thomas, LLC passes along 100% of Expense Credit to its clients

Do you know what your clients are truly paying for retirement plan administration? That is a question you should be prepared to answer in light of the recently passed fee disclosure regulation, which goes into effect in 2011.

Many bundled providers offer ‘free’ administrative services, however revenue from the underlying investments are recaptured by the provider. Conversely, in an un-bundled plan, daily valuation providers often pay ‘expense reimbursements’ to third party administrators (TPAs) based upon the total assets of the plan. Up until now, most of these fees from both types of arrangements were not required to be disclosed to your clients.

At Wells Thomas, LLC, as a non-producing TPA, we have always been revenue neutral on any of the daily valuation providers we work with. Any expense reimbursements that we receive are credited in full against your client’s annual invoice, thereby reducing your client’s out of pocket expense. So, as the plan assets grow, your client's out-of-pocket expense may decrease!

In addition, Wells Thomas, LLC now offers the ability for your clients to pay administrative expenses on a monthly basis via an automatic ACH debit. For example, a 10 person plan’s administrative costs would be approximately $1,860 annually, or only $155 per month. And that is BEFORE any potential expense reimbursements from daily valuation providers.

Please feel free to call our office anytime for more information, or for a customized fee illustration, for your clients at 203-483-9998.

CLIENT OF THE MONTH

We're proud to introduce you to our latest Client of the Month , Esses Savings Bank. With 5 locations (Plains Road - Essex, Main Street - Essex, Main Street - Old Saybrook, Halls Road - Old Lyme, and Durham Road - Madison), Essex Savings Bank is a local bank with a long history of serving the shoreline along the lower Connecticut River.

Below you'll find some history and information on Esses Savings Bank, however we encourage you to visit one of their branches, or online (simply click on the title above to be taken to their home page).

The year was 1851. Millard Fillmore was president of the United States. Much of the West was still a wild frontier. The Connecticut River was in its heyday as a center for ship building and international commerce. Majestic sloops and schooners plied the waters of the river on their way to the Sound, the gateway to the Atlantic and the China trades.

That year, a group of forward-thinking shipmasters, businessmen and entrepreneurs gathered together seeking to form a bank that would provide a safe harbor for their fortunes and a financial resource for members of the local communities. The first meeting of the corporators of the newly named Essex Savings Bank was held July 30, 1851, and the bank opened for business one week later on August 6. The first deposit book was issued to Susan Pratt with an entry of $150.00.

The first president of the bank, Henry L. Champlin, was one of the most accomplished sea captains of his time. He was shipmaster and owner of the first London line of packets from New York, of which he was commander for many years, never losing a vessel. After retiring from seafaring, he continued as a successful ship owner and built a beautiful home on Champlin Square in Essex.

Through the years, Essex Savings Bank has played a vital part in the lives of those in the communities we serve. We've taken pride in helping our customers build their homes, educate their children and create livelihoods that contribute to the prosperity of the Connecticut River Valley.

Today Essex Savings Bank offers a full complement of financial products and services including business banking, trust and investment services. Though we offer products that others provide, we've never lost sight of our forefathers' goal - a commitment to personal relationships. A hundred fifty nine years has passed and we have never wavered from that promise. We continue our long heritage as a mutual savings bank, a non-public organization with a far-reaching vision for our customers and the communities we serve. Our Community Investment Program, which returns 10 percent of our after tax net income to non-profits, is a testament to our commitment.
In times of uncertainty it is good to know that there is still a safe financial harbor close to home. For generations, we have continued to provide quality banking services and a commitment to long term relationships.

Our capital remains more than double the FDIC required standards for “well capitalized” banks. When compared to our peers we remain one of the most profitable banks in the country. For the second successive year, John W. Rafal, the leader of our subsidiary Essex Financial Services, has been rated the nation’s #1 independent investment advisor.

We invite you to join us in our vision, explore our services and celebrate our history of partnership and progress. We appreciate those entrepreneurs who had the foresight to create a concept in banking that has withstood the test of time. We wish to thank our customers, directors, trustees, officers and employees who support our mission to continue to provide service and trust to our community.

2010 RETIREMENT PLAN LIMITS

On October 15, 2009, the IRS released the retirement plan limits that will be in place for 2010:

....................................2009..........2010

401(k) Elective Deferrals.........$16,500.......$16,500
Catch Up Contribution Limit.......$ 5,500.......$ 5,500
Annual DC Contribution Limit......$49,000.......$49,000
Annual Compensation Limit........$245,000......$245,000
Highly Compensated Employee......$110,000......$110,000
403(b)/457 Elective Deferrals.....$16,500.......$16,500
SIMPLE Employee Deferrals.........$11,500.......$11,500
SIMPLE Catch Up Deferral..........$ 2,500.......$ 2,500
SEP Minimum Compensation..........$ 550.......$ 550
SEP Annual Compensation Limit....$245,000......$245,000
Social Security Wage Base........$106,800......$106,800

CLIENT OF THE MONTH

Each month we draw attention to one of our clients that has a unique story. In this issue we are pleased to highlight one of our longest-term clients (in excess of 20 years), Daniels Oil Company of Portland, CT.

Daniels Oil Company began in the 1920s with coal and range oil; over the years, and three generations of family ownership, Daniels Oil has developed into a full-service fuel supplier, excelling in the heating and air conditioning industry by focusing on prompt and “’old fashioned’ friendly customer service.” From home heating oil and propane delivery, to boiler, A/C and water heater installation and service, Daniels Oil Company “will offer you the most in terms of quality, convenience, and value.”
With a main location in Portland, CT, Daniels Oil also has a location in Essex, CT, allowing them to service the entire region quickly and efficiently.

We encourage you to visit their website at www.danielsoil.com (or click the link in the title above) for more information on the services and products they offer.