Latest news with #HCE
Yahoo
7 days ago
- Business
- Yahoo
Changes coming to city grant program for rail-affected businesses
The City and County of Honolulu's financial relief effort for small businesses negatively affected by ongoing construction of the over-$10 billion Skyline project is on track for proposed changes. That's because the city's so-called transit construction mitigation fund, or TCMF, grant program—which Mayor Rick Blangiardi signed into law under Bill 40 in February 2024—was supposed to individually award any struggling, eligible business located along the rail corridor into Kakaako with a $10, 000 grant. But the city says only a few grants—out of the dozens of applications its received thus far—were actually awarded. 'Five awards of $10, 000 have been paid, ' Ryan Wilson, a city spokesperson, told the Honolulu Star-Advertiser this week. Wilson noted the city has received 34 applications submitted by local businesses. Of those, 15 applications were deemed ineligible. And 19 applications were returned for revision. To date, six applications were awarded—one on first submission, five on second submission, he said. 'The sixth business owner has not returned multiple calls and emails from the city, ' Wilson asserted. 'A letter will also be sent to the business owner providing a deadline to comply with the Hawaii Compliance Express (HCE ) certificate requirement, or the award will be terminated.' Legislation to expand eligibility to floundering businesses along the rail line who could receive TCMF funds recently materialized. The Honolulu City Council's Budget Committee on Tuesday voted to pass Bill 31, which seeks to increase the maximum allowed annual revenue for small businesses to $1 million, up from $750, 000. The measure's other proposed amendments would remove the number of employees limit, previously locked at 15 or fewer workers ; and require the applicant business to have opened at least 12 months prior to the start of any rail project construction within the transit construction mitigation zone in which the business is physically located, as determined by the city Department of Budget and Fiscal Services director. Previously, a grant applicant's business had to be open for business at their current physical location before Jan. 1, 2022. The full Council may review Bill 31 for possible approval at its meeting on Wednesday. Before the vote at Tuesday's committee meeting, Council member Radiant Cordero—who co-sponsored the measure in March with Tyler Dos Santos-Tam—asked BFS Director Andy Kawano 'if there's a need for rule-making again since there's going to be new criteria with this program ?' Kawano replied, 'Yes, we're going to have to amend the rules we currently have in place.' 'One requirement, for instance, is the limitation on employees ; I think it's 15 or fewer right now, ' he added. 'So that's going to have to be amended.' Kawano confirmed that a 'public notice ' will have to be issued over the program's potential changes. After the meeting, Dos Santos-Tam noted Bill 31 updates will expand the grant program's requirements. 'The expansion of eligibility for the (TCMF ) shows our commitment to making assistance more accessible and inclusive, allowing more small and medium-sized businesses to receive the support they need, ' he said in a statement. 'Rail project construction can create significant disruptions that impact day-to-day operations, and this bill helps ease those burdens so businesses can continue to serve their customers and maintain their employees.' Cordero agreed. 'These businesses provide more than just jobs and services ; they bring life and identity to our neighborhoods, ' she said in a statement. 'Supporting Bill 31 ensures our small businesses, which play a vital role in our communities, can keep thriving as our city grows and changes.' Cordero and Dos Santos-Tam—who respectively represent portions of the Kalihi and Iwilei communities—co-sponsored Bill 40 as well. Meanwhile, Anthony Han, owner of Soul Chicken and Bliss Lounge on the 1000 block of Dillingham Boulevard, said he's hanging on to his business in the face of Skyline's construction that's slated through year 2030. 'I've made a little more money than last year or a few years ago, but I'm still struggling, ' Han told the Star-Advertiser. 'That's why I'm thinking about whether to close this place or not.' Han said he currently owes $60, 000 in unpaid rent. 'I have another debt around $45, 000, ' he asserted. 'That is a true story.' Still, he confirmed the city approved his $10, 000 grant application earlier this year : he received a check in the mail in April. 'It's not enough though, ' Han claimed, 'the cost of everything went up.' In January, the city started offering $10, 000 grants to applicant businesses located near the rail line. At the time, TCMF grants were to be awarded on a first-come, first-served basis, based on authorized and available funding for the program. But by early February, the city had to extend the time to submit applications. That month, the Mayor's Office said the extension—to Feb. 21—was due to TCMF grant applicants not properly filing business documentation with the city. 'Many of the applications that were submitted to the portal needed to be returned to applicants for revisions, especially because they lacked the required documentation, ' Ian Scheuring, the mayor's deputy communications director, told the Star-Advertiser previously. He noted errors led to applicants being denied grant funding. 'The city has received numerous applications for the (TCMF ) program that did not qualify, or were not in compliance with the rules of the program and were rejected, ' Scheuring said previously. According to the city, the total dollar amount spent on this program so far includes $50, 000 for the five $10, 000 awards ; $13, 585 for the program's one-year payment toward its information management system ; and $967.94 to publish legal notices regarding administrative rules hearings on this city-run program.
Forbes
21-03-2025
- Business
- Forbes
Would A Mega Backdoor Roth Work In Your 401(k) Plan?
A mega backdoor Roth conversion is a retirement plan strategy that can allow individuals to allocate money to the Roth tax strategy above and beyond both traditional 401(k) and IRA limits. When done correctly, the conversion of assets from traditional after-tax contributions in a 401(k) plan to a Roth account doesn't trigger a taxable event. However, there are complexities and important testing challenges associated with a mega backdoor Roth conversion. For a mega backdoor Roth conversion to work, a retirement plan must have certain plan design elements in place, including the following: Assuming your plan has the necessary design elements in place, it's important to consider the potential discrimination testing challenges a company may face by offering a mega backdoor Roth strategy. In a recent episode of my 401(k) Roundtable™ podcast, I discussed these testing challenges with Alison Cohen, ERISA attorney and partner at Ferenczy Benefits Law Center. According to Cohen, the testing challenge begins with the characteristics of participants who are attracted to the mega backdoor Roth option. 'The people who traditionally can afford to make traditional after-tax contributions are your highly compensated employees,' shared Cohen. That's because these are the individuals who exceed the income threshold for contributing directly to a Roth IRA. This tendency presents challenges when the plan undergoes its annual Average Contribution Percentage (ACP) test. 'When you test ACP and the only people who are taking advantage of this are your highly compensated employees, the plan fails testing. As a result, all of those contributions are now subject to be refunded,' said Cohen. She mentioned that this presents particular challenges if participants have already converted those after-tax contributions to Roth assets, noting that 'it can potentially cause some disqualification issues.' In the Vanguard report cited above, only 9% of employees who are eligible to make after-tax contributions actually contribute in this manner. If your plan doesn't offer a match on after-tax contributions, it's unlikely there will be enough participation by non-highly compensated employees to pass the ACP test. If only highly compensated employees (HCEs) make after-tax contributions, and there is no match offered, the plan will likely fail its ACP test. If this happens, each HCE who contributed would need to receive a 'refund' for some or even all their after-tax contributions. If an HCE had maxed out contributions for the year, this would result in an entire year of missed savings in the 401(k) plan. To help with testing outcomes and increase your chance at success with a mega backdoor Roth strategy, a plan should have each of the following characteristics: When available and designed correctly, a mega backdoor Roth strategy can be a powerful option to accelerate participants' retirement savings and shelter a portion of their retirement savings from taxes. However, there are important plan design and testing issues to consider. To have the best chance of success with your mega backdoor Roth strategy, consult with a qualified retirement plan advisor to determine whether this strategy makes sense for your plan.
Yahoo
04-03-2025
- Business
- Yahoo
TEAM GOLDBELT SUCCESSFUL AWARDEE OF CONTINUED SUPPORT OF THE DEPARTMENT OF DEFENSE'S HEARING CENTER OF EXCELLENCE
FAIRFAX, Va., March 4, 2025 /PRNewswire/ -- Team Goldbelt, comprised of Goldbelt Apex, LLC, Knowesis, Inc., and zCore Business Solutions Inc., is the successful awardee of the ongoing research and engineering support services on behalf of the Department of Defense's (DoD) Hearing Center of Excellence (HCE). The win represents the 5th Task Order received under the DHA OMNIBUS IV contract. Team Goldbelt delivers a sophisticated swath of information technology, research, policy, analytic, and scientific implementation support services for the Defense Health Agency and the military medical components that contribute to the health and wellness of the Warfighter. In totality, Team Goldbelt delivers 24 years of combined incumbency support and experience. As the successful awardee, Team Goldbelt is tasked with providing multifaceted hearing and auditory research and facilitation services, information management and analytics and program management. "We are proud to continue the trusted relationship we have forged with the HCE since its establishment. Our new role as part of a comprehensive team will provide synergies and efficiencies to enhance HCE's mission," cites Sheilah O'Brien, Managing Principal, Knowesis. Knowesis is a Center for Veterans Enterprise (CVE) certified Service-Disabled Veteran-Owned Small Business (SDVOSB) and a certified Woman-Owned Small Business (WOSB), providing a full range of professional consulting services to federal and state government agencies to include Scientific and Medical Research, Data and Computational Science, Information Management and Technology, Operations and Management, and Policy and Program Evaluation. We currently support multiple entities within the Departments of Defense, Veterans Affairs, Homeland Security, and Health and Human Services. Knowesis maintains offices in Fairfax, Virginia, with staff at locations across the United States. More information about the company can be found at as well as on LinkedIn. Goldbelt, Incorporated (Goldbelt) is an Alaska Native Corporation founded in 1973 and officially incorporated in 1974. Goldbelt is based near Juneau, Alaska and has serviced Federal and civilian organizations with cybersecurity, data management, and information technology solutions. View original content to download multimedia: SOURCE Knowesis, Inc.
