Brevard Business BBN News Vol. 3720 No. No. 9 1 MarchJanuary 4, 2019 7, $1.00 2002 A Weekly Space $1.00Coast Business Magazine with PublishingA Weekly Roots Space in CoastAmerica Publication since 1839 BermanBrevard Hopkins Job guiding Link key longtime Cocoa company Bradenresource Kitchens connecting into ESOP Byfirms Ken Datzman and job seekers COCOA — Perhaps one way to help shore upaccess the retirement to America’s– Job Bank and other savingsBy Ken shortfallDatzman that millions of American workersemployment face is for Web sites, videos, career more businesses to fully embrace the concept ofguidebooks the “ownership and an in–depth collection of economy.The visibility” of the Brevard Job Link periodicals, including “The Wall Street gotThe a big ownership boost in 2001. economy allows a broad cross–sectionJournal.” of employeesThe continuing the opportunity contraction to benefit in the from a company’sThe centers financia alsol have computers success.economy, although a rebound is expected equipped with word–processing software, in 2002,The main focused vehicle a much to do brighterthis is through light on an Employeefax machines, Stock copiers, laser printers, and 1.2 inches x .35 inches Optionthe importance Plan, or ESOP. of the organizationAn ESOP provides and a company’stelephones workforce with long–distance access. A 6.5 picas x 2.7 picas withits mission an ownership in the county. interest in the business, whichvideoconference can greatly system is available, shiftThe the four dynamics full–service, of the workers’ one–stop economic career well–being.which may The be plan used for conducting investscenters primarily in Brevard in company— from Palm stock Bay and to holds itsinterviews. assets in a The pictures looked much better this past week. trust,Titusville in accounts — handled earmarked significantl for employees.y Employers, said South, can provide increasedNew research traffic, on even S Corporation catering to peoplESOPse showsthe the Job potentia Link wlith its openings free of remember the midtones rwhoole these have plans never can had have a need on workers’ to tap thi financials chargesecurity. either In online, by fax or phone, general,resource S before. Corporations do not pay income taxes.visit Instead, one of th thee centers “or they can ask Thanks! corporation’s“It’s been income a great oryear losses in that are dividedwe have amongfor and a representative passed to come and see throughbeen able to toits get shareholders. services out to people them at their place of business. We A study released in December by the National Center for quicker and more efficiently than ever would like to see every single job order in Employee Ownership — a private, nonprofit membership and before,” said Linda South, executive Brevard County to be in the Job Link research organization — breaks new ground by collecting data on retirement–accountdirector of the organization. balances byShe wage added, and “I age categoriessystem, so that that we can rapidly match canthink be a compared lot more peopleto the s haveame categories come to in nationalskill sets.data. And if we don’t have the match understandThe survey the was value conducted of the richonline re- between Januarywe’ll use an thed information to create Marchsources of that 2018 are among available members in the of Brevard Employee–Ownededucation S Corpora- and training opportunities that tJobions Link of America. centers, not only from a job– are responsive to the need.” seeker’sIt resulted standpoint in data but from also 61,020 from plan the participants,Brevard includin Jobg Link is funded through 20,000employer’s lower–wage standpoint. workers” and 8,000 employeesthe nearin Brevardg Development Workforce BBN photo — Adrienne B. Roth retirement.These information–packed The information was centers from 39 S CorporationBoard Inc. ESOP in Rockledge. It also has been The four full–service one–stop career centers of Brevard Job Link are seeing increased traffic. Linda South, companies.offer a variety Most of ofservices the companies to job seekers, in the surveysuccessful are 100 percent in winning competitive grants executive director, said her organization is a rich resource for both the job seeker as well as the employer. ownedbusinesses by their and employees the unemployed. through Foran ESOP. Michael Anderson is associate director. They are at the Melbourne site in Perimeter Center. instance,The selected there findingsare job referrals, include: ESOP Internet participantsPlease represente see Brevardd Job Link, page 18 in this survey “have more than twice the average total retire- ment balance of Americans nationally: $170,326 versus $80,339.” This difference is not limited to highly paid employees, either. ESOPWhat participants the making Social less than $30,000 aSecurity year also have on plan would mean to you average more than double the retirement savings Nothingcompared will to happen immediately The 16–member panel unanimously similarBy Mary workers Deibel nationally. ESOPs reward employeessince President by sharin Bushg isn’t expected to approved these options three weeks ago inScripps the success Howard of the Service company, creating an effectivemake incentive any recommendations for to Congress to carry out Bush’s campaign pledge to management and employees to perform well. until 2003, after the 2002 congressional let younger workers divert some of the “Statistically,Here’s what to through expect the if Social years, studies haveelections. shown that 6.2 percent payroll tax they owe on ESOP companies are run much better and perform much better BBN photo — Adrienne B. Roth Security is changed so that younger Basic Social Security checks would be wages to individual accounts that own than non–ESOP–owned companies because their employees are workers can invest some of their payroll smaller than called forBraden in current Kitchens law. Inc. in Cocoastocks has and been bonds. in business for more than 45 years. Since 1988, it has been owned by businessman part of the ownership group,” said Phillip Hayes, managing Peter Profumo, a former Harley–Davidson executive who worked at the corporate office in Milwaukee. Profumo recently tax money in private accounts, as Depending on market performance, total Workers who opted to take part would partner at Melbourne–based Berman Hopkins Wright & converted Braden Kitchens to employee ownership. Berman Hopkins Wright & LaHam/CPAs and Associates worked with BREVARD BREVARD LaHam/CPAsPresident Bush’s and Social Associates, Security with Com- offices in Titusvillebenefits an fromd Social SecurityProfumo plusestablishing your the ESOP.choose From from left: the Peter five Profumo,low–risk funds,VP, Braden one Kitchens (holding company companion Artie); Peter Orlando.mission proposed a few weeks ago. personal account couldProfumo, be higher chairman or and CEO;each and for Phillip government Hayes, managing bonds, corporate partner, Berman Hopkins. PRESORTED “TheCurrent employees retirees have and a those lot more nearing at stake andlower. are more bonds and a stocks–and–bonds mix, plus BUSINESS BUSINESS committedretirement and — anyone engaged 55 in or the older company’s today success. TheThis commission is plans call for extra two stock–index funds that track the US something— would get I have Society seen Security firsthand benefits working as with ESOPtax money companies. of up to $71 billion a year32904 and broader market. Workers could change POSTAGE PAID INC. Wepromised help businesses under the go present through system. the ESOP process.require It’s one other of ou changesr that could raiseNEWS, their choice once a year and couldn’t BUSINESS firm’sWorkers areas of younger expertise. than We 55 have could been put doing itincome since 1985. or payroll The taxes or raise the BREVARD borrow or withdraw money. STANDARD PAID servicemoney was into launched a private by account. Jim LaHam, GOP panel our seniorretirement tax partner. age” for future retirees. l PLAN 1. “Free Lunch” — lets NEWS, POSTAGE US memberHayes andadded, former “We haveCongressman been able Btoill build a largeSocial ESOP Security team currently collects STANDARD workers put 2 percentage points of their Frenzel calls the Bush Commission’s enough payroll tax to pay 100 percentPRESORTED of 6.2 percent payroll tax into a personal Pleasethree–account see Berman alternatives Hopkins the Wright Free & LaHam/CPAs,benefits through page 23 2038 and 73 percent of account. Nothing else changes, and INC. Lunch, the Blue–Plate Special and the benefits thereafter if the system isn’t Subsidized Lunch. changed. Please see Social Security, page 16 BBN BREVARD BUSINESS NEWS online at BrevardBusinessNews.com Outstanding Young Floridian Award winners announced, honored at ceremony during Jaycees’ convention l Capt. Michael Coy, 32 Avon Park By Shawn A. DeVries The General “Chappie” James Memorial Award Souther Signs [email protected] (Outstanding American) l Debra Jeanne Gronvold, 59 St. Augustine Pioneer Award COCOA BEACH — JCI Florida, also known as the Florida Army National Guard Hollywood Florida Junior Chamber of Commerce (Jaycees), honored l Burlynn Irving, 36 Hollywood Jaycees 13 of Florida’s top young professionals at the 2019 The Ralph M. Williams, Jr. Memorial Award “The stories surrounding each of our honorees are both Congress of Outstanding Young Floridians (OYF) Awards (Outstanding Young Educator Award) inspiring and courageous. These individuals are continu- Ceremony Feb. 16 at the International Palms Resort. Hollywood ously working to accomplish amazing things to help The OYF honorees are young leaders who serve The Quest Center Florida, the United States, and the world become a better Florida’s communities in their professional and personal l William “Billy” Kingston, 38 place to live,” said Shawn DeVries, 93rd JCI Florida lives, and best exemplify the highest attributes of the The Arthur Kail Memorial Award president. nation’s emerging generation. The ceremony was held in (Outstanding Young Firefighter/EMT) The OYF Awards Ceremony allows an opportunity for conjunction with the JCI Florida 2019 Winter Conference. Sebring its winners to be nominated to the U.S.