26, 2024 on ForYourBenefit, our host Bob Leins, CPA® welcomes back our original program guests Tammy Flanagan, NITP Senior Benefits Director, Karen Schaeffer, CFP®, Marc Levine, Esquire, and Tom O’Rourke, Counsel.

This is our final episode.  We have enjoyed our weekly conversations for the past 18 years.  Thank you to our loyal listeners for tuning in as we discussed topics ranging from benefits to finance to estate planning and everything in between.

Our guests gather today to share their memories, stories, and closing thoughts.  Join us as we reminisce about the years of hosting this radio program.  We hope you have learned a great deal over the years and encourage you to visit our website to stay in touch with NITP.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post ForYourBenefit Farewell first appeared on Federal News Network.

February 5, 2024 on ForYourBenefit, our host Bob Leins, CPA® welcomes Brian Kurrus, CFP®.  The new year is a great time to review:

• Investment allocations and rebalancing needs
• Cash flow and budgeting for the new year
• Retirement contributions, plans and projections
• Insurance coverage, needs and premium changes

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Finance Review for the New Year first appeared on Federal News Network.

January 29, 2024 on ForYourBenefit, our host Bob Leins, CPA®, welcomes Bob Braunstein, Federal Benefits Specialist.  Have you ever considered how much additional income your loved ones might need if you were suddenly gone?  Have you planned their survivor benefits?  Today’s program will focus on answering these questions:

• What types of Federal survivor benefits would go to your loved ones if you pass away?
• How can you be sure the benefits you have planned/elected for your survivors will be enough?
• If you have not elected benefits or designated specific beneficiaries, will your survivors be eligible for them anyway?
  • What survivor benefits must be elected?
  • Can you make these elections later or must they be in place before you pass away?
• Who ensures your survivors receive benefits?
  • What is your Federal agency’s responsibility?
  • OPM’s responsibility?
• Should survivor benefits be part of your financial plan?
• Are these benefits taxable?  Which are and which are not?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Survivor benefits: Their importance and how to ensure they are in place for your loved ones first appeared on Federal News Network.

What that means, he explained, is being ready and willing to adapt and grow into the opportunities that come a business’s way.

Circumstances will direct the path a business takes if the team is willing to capitalize on them, said Lynch, founder and managing partner of Lynch Consultants. “We evolved in a direction that we never really anticipated, but it’s ended up being a great path.”

For instance, not long after Lynch launched his management consultancy in 2011 and had a few partners, he expected the team would begin to acquire clients inside the Marine Corps and focus on providing financial management help given their backgrounds.

“We thought we would be much more heavily on the financial side,” he said. “We also thought that we were going to be much more heavily in the Navy and the Marine Corps — based on two of our partners who were retired lieutenant generals out of the Marine Corps. And I had just spent nine years at headquarters in the Marine Corps.”

Today, Lynch Consultants focuses on four service areas:

• Chief information officer advisory and IT strategy
• Finance and risk advisory
• Data analytics and strategy
• Program and project management

It has partners, mainly with experience working for or supporting the federal government, who drive the services of each focus area. “Each individual partnership has a different client base, has a different technical focus,” Lynch said.

During an interview for the American Society of Military Comptrollers’ The Business of Defense podcast on Federal News Network, we asked Lynch how he reset and Lynch Consultants took advantage — as he said — of the opportunities that came to it.

Know your value proposition

There are a couple of critical factors in having early success, Lynch said.

For starters, “you have to have a vision, you have to have a value proposition — go down kind of a geeky rabbit hole,” he said.

Second, be sure an agency or organization the business targets has the budget to hire the company: “The reality is the office has to have funds. They’ve got to have money. Now, you’ve narrowed the funnel.”

Finally, there needs to be a viable contract vehicle.

“And of the three, without question, the contract vehicle is the hardest piece, period,” Lynch said.

That means really knowing the ins and outs of federal procurement processes and regulations.

“You have to have a master’s in contracting,” he said with a little laugh. “There is no such thing as a master’s in contracting. But if you’re in the small business world, you need a Ph.D. in contracting, and you have to understand the contracting rules and processes better than anyone else — because you have to be able to navigate with ‘the bigs.’ ”

Just as Lynch Consultants was beginning its journey, the Marine Corps opted to begin doing most of its contracting through the Navy instead of through its Regional Contracting Office at Marine Corps Base Quantico.

That changed Lynch Consultants’ trajectory. It simply couldn’t compete against the much larger consulting companies that already had a foothold in the Navy, Lynch said.

Ultimately, the Navy did become one of its main customers, alongside the Defense Logistics Agency and the Health and Human Services Department. But it’s because the team began doing work in civilian agencies and adding partners with areas of expertise beyond finance, he said.

Lynch likes to joke that early on, he “couldn’t even spell FDA — no idea what it was.” But he then spent seven years working onsite at HHS’ Food and Drug Administration and gained insights that made him “a better consultant and makes the firm a better firm in terms of being able to promulgate good ideas,” he said.

Lean into your value proposition

Lynch also recommends that small businesses focus on one of two specific value propositions.

One approach? Become the “luminary thought leader” that provides government with specific technical guidance and perspective. That way, the government doesn’t necessarily need to hire a large company “to get access to really smart, informed people that can provide different perspectives,” he said.

There’s also a second value proposition “where small businesses really shine: the ol’, get ’er done,” Lynch said.

Unlike large companies, he explained, small businesses are driven to deliver on each specific objective for the assignments that they win. Big consulting companies often have other broad business objectives and might also not be local companies working in the same communities as nearby federal locations.

The result? “We are emotionally tied to our clients,” Lynch said, adding, “Our only leverage is our people and our performance — whether they’re the thought leaders in the industry or whether we can prove that we can turn a lot of wrenches better than anybody else.”

To listen to the full discussion between Patrick Lynch, Managing Partner of Lynch Consultants, and Rich Brady, CEO of ASMC, click the podcast play button below:

Discover other The Business of Defense podcasts here.

The post Want to make it as a federal consultant? Think about it like baseball first appeared on Federal News Network.

January 8, 2024 on ForYourBenefit, our host Bob Leins, CPA® welcomes Herb Casey, Federal Benefits Specialist.

Topics include:

Income

• COLA for FERS and CSRS retirees
• Salary pay raises & new locality rates

Social Security

• Maximum amount of earnings subject to Social Security tax
• COLA
• Earning limitations

FEHB Insurances

• Increased premiums
• 12 fewer plans

Medicare

• Rising premiums for Medicare
• Expansion of mental health coverage

Federal Long-Term Care Insurance Program

• Increasing premiums

Thrift Savings Plan (TSP)

• Contribution limits
• Secure 2.0 changes

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Federal Benefits Updates for 2024 first appeared on Federal News Network.

January 1st, 2024 on ForYourBenefit, host Bob Leins, CPA® welcomes Marc Levine, Esquire, to talk about Health Care Directives.

• What is a Health Care Directive (and is it different from a Health Care Power of Attorney)?
• What should l look for in my Health Care Agent?  Why an advocate matters.
• What is the difference between my Health Care Directive and a Do Not Resuscitate?
• What is MOLST?
• Resources for health care decisions.
• What else does my health care directive do?
• How does my Health Care Directive interact with my Power of Attorney?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Health Care Directives first appeared on Federal News Network.

December 25th, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Brian Kurrus, CFP®.   Our guest today will talk about cash flow planning and debt payoff strategies for Federal employees and retirees.

• How much of an emergency fund do you need?  How should you invest these assets?
• Which debt should you pay off first?
• What is the impact of higher interest rates on debt in general?
• Should you pay down your mortgage before retirement?
• What other cash flow changes might you have in retirement?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Cash Flow Planning and Debt Payoff Strategies first appeared on Federal News Network.

November 27, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Karen Schaeffer, CFP®, and Kaitlin Schaeffer Yardley, CFP®.

Karen and Kaitlin will talk about:

• The new and improved 529 plans
• Other strategies for meeting education costs
• Educating children about money

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post 529 Plans and Other Strategies for Paying for Education first appeared on Federal News Network.

While Congress narrowly averted a shutdown last weekend, federal employees’ fear of a lapse in appropriations this November has not been alleviated. On this week’s FEDtalk, we break down the current state of Congress, how federal employees can prepare for what is to come, and how Congress can act now to prevent these issues in the future.

FEDtalk host Jason Briefel, Director of Government and Public Affairs at Shaw Bransford & Roth P.C., is joined by co-host Natalia Castro, the Deputy Director of Government and Public Affairs at Shaw Bransford & Roth P.C.

At Shaw Bransford & Roth, Briefel and Castro lead congressional and executive branch advocacy, engage in policy development, and conduct strategic communications for a variety of good government organizations.

FEDtalk is brought to you by Shaw Bransford & Roth P.C., a federal employment law firm. Bringing you the insider’s perspective from leaders in the federal community since 1993.

The post Navigating Congressional Chaos: A Federal Employee’s Guide first appeared on Federal News Network.

As we mark Hispanic Heritage Month, we hear from Dr. Elena Rios, President and CEO of the National Hispanic Medical Association, which represents the interests of the nation’s 50,000 Latino physicians. This is an encore presentation from 2021 yet many of the issues we discussed then are still relevant, including Latino vaccine hesitancy and the pandemic’s mental health toll. Join hosts Mark Masselli and Margaret Flinter for their conversation about how to address health inequities affecting the Hispanic community.

In addition, author Charles Barber sits down with Mark Masselli to discuss the publication of “Paz y Salud,” the translation of his book about Community Health Center, “Peace & Health,” into Spanish.

The post Ideas for Improving Hispanic Health With Dr. Elena Rios, President & CEO, National Hispanic Medical Association; Charles Barber on “Paz Y Salud” Publication first appeared on Federal News Network.

Researchers just announced they have found clear differences in the blood of Long COVID patients—this is the scientific proof that some in the health care sector want to see. Right before this news broke, we asked Dr. Lisa Sanders, the director of the new Yale New Haven Long COVID Multidisciplinary Care Center, about the lack of a Long COVID blood test.

She pushed back on skeptics because she has seen clinical evidence of the condition. Now, it appears Dr. Sanders and her colleagues will indeed be able to confirm Long COVID is a biological illness.

Dr. Sanders, who also writes The New York Times Diagnosis column, explained her patients are getting better through a variety of approaches and she’s hopeful the caseload will continue to decrease.

Join hosts Mark Masselli and Margaret Flinter for this important conversation that’s part of our continuing coverage of Long COVID.

The post NYT’s Diagnosis Columnist Dr. Lisa Sanders’ Views on Long COVID Affirmed by New Research first appeared on Federal News Network.

October 2, 2023 on ForYourBenefit, host Bob Leins, CPA® and co-host Karen Schaeffer, CFP®, welcome Kay Bransford, Daily Money Manager, Professional Financial Advocate & Fiduciary, MemoryBanc.

We never know what life will bring.  Too often spouses, partners, family, and friends are unable to help because they do not have the information they need.  If you are unable to manage the day-to-day bill pay and expenses, how will your loved ones:

• Pay for the household expenses?
• Cover your healthcare needs and know what resources are available to pay for medical expenses?
• Manage if you are terminally ill or die and they have no information about your accounts, retirement plans, insurance, loans?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Preparing for the “What If’s” in Life first appeared on Federal News Network.

Lola Adedokun is executive director of the Aspen Global Innovators Group, which advances a portfolio of programs focused on health and prosperity in the U.S. and around the world. This work includes a focus on what she calls powerful women who are redesigning health systems to better meet the needs of families. Join hosts Mark Masselli and Margaret Flinter as Adedokun explains how local leaders are at the forefront of designing solutions that work for local populations.

The post New Ways to Solve Big Health Problems: Lola Adedokun, Aspen Global Innovators Group first appeared on Federal News Network.

After serving and working in the Army and then in the private sector — focused on technology and finance — Jonathan Moak saw the potential to help both sides and chase his own dream of working for himself.

“There was a gap in the environment where government employees didn’t really understand what the private sector was doing, and the private sector didn’t really understand what the government employees were doing,” said Moak, senior vice president for sales at Inkit, a document generation platform startup.

He saw that gap as an opportunity to help people understand where capabilities fit, he said during the American Society of Military Comptrollers’ The Business of Defense podcast on Federal News Network.

“There’s no malintent on either side. But sometimes the two organizations, private and public sector, don’t really understand one another,” Moak said. “Sometimes, it can kind of be a mystery what’s going on inside the five walls of the Pentagon.”

It’s the reason he founded his own business, Moak Management Associates — only months before Inkit CEO Michael McCarthy convinced him to join the tech startup to help drive sales within government, but particularly within the Defense Department.

After leaving a federal post at Salesforce, Moak didn’t plan to join another technology company — at least not right away. But he came to view the role at Inkit as an ideal way to help government teams while also working to build a program within a startup.

“The mentality is really sort of like being in an infantry company in the Army,” he said. “Everybody has to jump on board and row in the same direction. It’s not that you just have your job function, and you’re in this box, if you will. To do this, you’re going to have to do a lot of things and wear many, many hats. And so that’s a place that I thrive.”

We asked Moak to share some early lessons learned from his own consultancy as well as at Inkit that might help other tech startups break through and be successful in the federal sector. Here’s are five tips he offered.

Breakthrough Tip 1: Make sure your tech meets the need compliantly

Delivering against a mission need while aligning with mandates might seem obvious, but it’s critical in government contracting, where compliance often becomes a gateway to further work.

With Inkit, “we meet the coming zero trust M-22-09 cybersecurity mandates,” Moak said. “We’re both Impact Level 4– and IL5–compliant. So we’re meeting the Department of Defense compliance standards.”

Plus, he said, the technology can help teams across DoD and on the frontlines be more efficient by pulling data from multiple business systems into forms easily.

“All of that data exists somewhere in other business systems throughout the Department of Defense,” Moak said. “There’s really no reason why it couldn’t be automatically filled, the document generated, signed digitally in our system, and then ushered on to the next phase and distributed to its either terminal location or the next step in the process.”

Breakthrough Tip 2: Show don’t tell your tech’s capabilities

Sure, agencies release requests for information and people research  technology online. But letting people test and see a technology in action often makes a huge difference, Moak advised.

“If you can reach out to folks … and just say, ‘Hey, we’d like to come show you our software,’ or you’re at a show — like the Department of the Air Force Information Technology and Cyberpower Education & Training Event down in Montgomery, Alabama —  and you have people come by your booth, and you can give them a three- to five-minute demo,” that’s ideal, he said.

That way, a company can both show the value of the technology, which has worked for Inkit, and build relationships too, Moak said. “With government employees, what’s the time to value? You don’t have a lot of time to step back and admire problems and think about what a path to success looks like. It’s got to be co-created with that relationship and that trust as a foundation.”

Breakthrough Tip 3: Be willing to adapt on the fly

Startups tend to have people doing multiple jobs, and they often have not established the infrastructure, overhead and policies and procedures common to medium and large businesses.

As Moak put it: Some things that seemed important going in, really aren’t, and some that didn’t seem critical, really are.

For instance, he shared a story about interviewing a woman for a sales position on his budding team at Inkit. She asked about the company’s maternity policy. It wasn’t something the small team of fewer than 30 employees had addressed yet.

She made a suggestion. “I took that recommendation to our CEO as soon as I got off the phone with her. And you know, we implemented a four-month maternity policy because there are pros and cons and a cost benefit to that,” Moak said. “We understand that we can finance this. We can figure out how to do it so that we can attract talent.”

Breakthrough Tip 4: Build on relationships you have, but don’t stop there

After working for Deloitte, serving as a soldier on the tactical edge and in the infantry for the Army National Guard, being the acting comptroller for the Army and leading a federal sales team at Salesforce, Moak said he has found many mentors and created many relationships across the defense industrial complex.

Those connections have been immeasurably helpful throughout his career, he said. But they don’t necessarily help address the biggest risk to a startup, Moak said. And what is that risk? It’s government employee turnover, particularly in DoD.

“You’ll have a champion for two years, and then they get promoted because they’re so good, or they move on to another place, and a lot of those efforts sort of wither on the vine when they depart,” he said. “And so you’ve got to find that champion, and then you have to sort of expand that beyond just their control and move it down to their team. That sort of gets that irreversible momentum if you will.”

Breakthrough Tip 5: Take advantage of SBIR but also develop vendor partnerships

DoD’s small business innovation research programs can help a startup gain entrée into federal work, but SBIR funding doesn’t guarantee future contracts.

“That’s a very tough hurdle to cross,” Moak said. The way to scale a startup is through partnership with other established vendors in the GovCon community, he recommended.

A business with innovative technology should look “for good systems integrators that want to work with you, that are going to help you implement your software,” Moak said. “They’re going to do it the right way and help you put your software on its best foot going forward.”

To listen to the full discussion between Jonathan Moak, senior vice president of sales at Inkit, and Rich Brady, CEO of ASMC, click the podcast play button below:

Discover other The Business of Defense podcasts here.

The post 5 tips to help your tech startup break through GovCon barriers to success first appeared on Federal News Network.

September 25, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Tom O’Rourke, Counsel.

On today’s program, Tom will discuss how Federal employees can use their Federal Employee Health Benefits (FEHB) program as a tax reduction tool.  Specifically, how all FEHB premiums and out-of-pocket medical expenses can be paid on a pre-tax basis.  Tom will also talk about how a Health Savings Account (HSA) can be used to both reduce current tax liability and be used as a vehicle to accumulate funds to pay future health care costs.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post FEHB and Taxes first appeared on Federal News Network.