5 stages of a cyberattack
By Christopher Fieger, CPA, McKonly & Asbury
Cyberattacks have become an efficient and effective means for cybercriminals to create chaos, and oftentimes benefit financially, all while operating from a safe distance. As seen with recent events, the effects of an attack can be widespread. These attacks can happen at any time and can be a result of poor security practices. To better prepare for and defend against an attack, it is important to understand the stages cybercriminals often take to perform a cyberattack.
Stage 1: Reconnaissance
The first stage of a cyberattack involves information gathering. During this stage, cybercriminals will attempt to explore all publicly accessible information about a potential target. This can include information listed on the dark web or on a company’s website, such as employees, physical locations, social media sites, and other platforms. All of this information is used when determining their target. In order to better plan their attack, cybercriminals will often use the information gathered during the reconnaissance stage to build a blueprint of their target.
Stage 2: Scanning
Scanning is the second stage of a cyberattack. After the cybercriminal identifies their target, more information is needed in order for them to perform their attack. Attempting to ping devices on the target network, such as routers, or performing vulnerability scans could provide additional information about the target network. Email phishing can be considered a form of scanning. For example, a cybercriminal could obtain employee email addresses from a company website and send out phishing emails in an attempt to gather additional information such as account names, passwords, and other employee information. Cybercriminals will often times target employees to obtain access to a network.
Stage 3: Gaining Access
The third stage of a cyberattack involves the cybercriminal gaining access to the computer system, account, or network. The cybercriminal could do this based on data, credentials or other information obtained in the prior two stages of reconnaissance and scanning. At this stage, the target has been compromised. Cybercriminals could attempt to gain access physically through a building and plug into the target network or access the target network remotely. Once the cybercriminal obtains access, they could have free reign to the network or system and company data depending on the permissions and controls in place.
Stage 4: Maintaining Access
Once a cybercriminal gains access to a target, it is important for them to maintain access to the target. The cybercriminal may attempt to remain hidden on the network long enough to determine the extent of the information or data they can obtain. Depending on the controls in place at the target, they could have full or limited access to the target data. If the cybercriminal has limited access to data, they may attempt to escalate their access privileges from a basic user to an admin user to have greater access to the target data. Cybercriminals may also install malware on the target to provide them repeated access to the target, often referred to as a “backdoor”.
Stage 5: Covering Tracks
The final stage of a cyberattack involves covering the tracks of the cybercriminal. This could include erasing log entries or deleting any malware installed during the maintaining access stage. If a cybercriminal were to hack a user’s email, deleting sent phishing emails sent from the account could be a form of their covering tracks. Stealth is the name of the game in cyberattacks. Apart from ransomware attacks, cybercriminals often look for ways to quickly get to the data, gather as much as they can and get out of the network without being detected. Ransomware attacks have become more common in recent years. Instead of deleting or corrupting data, cybercriminals will encrypt the data, hold it hostage and demand payment for its release.
With cyberattacks on the rise, it is critical to remain alert. As mentioned earlier, cyberattacks can happen at any time and companies should be prepared and implement the necessary security measures to combat the various stages of a cyberattack. In the case of the Colonial Pipeline cyberattack, this attack was perpetrated with a compromised user password. Although there is no approach that can fully prevent cyberattacks, companies that implement the right security measures, train employees on security best practices, and closely monitor the network or system can drastically reduce their likelihood.
If you have any questions regarding this article or would like to discuss cybersecurity related topics further; be sure to visit McKonly & Asbury’s System and Organization Controls Services page as well as their Cybersecurity Services page at macpas.com and don’t hesitate to contact us with any questions.
McKonly & Asbury is a leading regional accounting and business advisory services firm that serves as trusted advisors and valued business partners, providing a range of services from their offices in Camp Hill, Lancaster, and Bloomsburg, Pennsylvania. McKonly & Asbury’s industry-specific solutions meet the intricate needs of clients, providing services to Affordable Housing, Construction, Employee Benefit Plans, Family-Owned Business, Healthcare, Manufacturing and Distribution, Nonprofit, and Technology industries. For more information, visit www.macpas.com.
You can also subscribe to McKonly & Asbury’s blog at www.macpas.com/subscribe to keep up-to-date on the latest business and financial information across a variety of industries as well as upcoming webinars and presentations to help your business profit.
###
Submit Your Content for Business Matters
The Columbia Montour Chamber is pleased to continue its partnership with the Press Enterprise for Business Matters, a quarterly print tab publication distributed to the newspaper's online and print readership. March 29 is the deadline for content submissions ahead of the April 4 publication. Don't miss the chance to advertise to this wide audience.
Submit content to the Chamber by emailing stories, pictures, and testimonials here.
LEADERSHIP CENTRAL PENN (LCP) IS NOW ACCEPTING APPLICATIONS FOR THE CLASS OF 2023-24
Leadership Central Penn (LCP) is a nine-month program designed to educate, involve, and motivate a select group of area residents for positions of leadership. The program seeks a diverse group of individuals with an interest in assuming effective leadership roles in their organizations and our communities so as to equip them with a better sense of the community and an enhanced leadership and professional development experience. Participants in the program are chosen based on their expressed commitment to the community and their demonstrated leadership potential.
Check out the flyer to learn more.
Click here to apply online.
New Reports Detail Impact of Pennsylvania’s Continued Child Care Crisis
Source: Ready Nation: Council for a Stronger America
Members of the Greater Susquehanna Valley Early Learning Investment Committee were joined on Friday by State Senator Lynda Schlegel Culver and members of the community to discuss new research detailing the worsening impacts of Pennsylvania’s continued childcare crisis.
According to a new report released at the event from the nonprofit ReadyNation and the Pennsylvania Early Learning Investment Commission (PA-ELIC), gaps in Pennsylvania’s childcare system are stressing the state’s working parents and costing families, employers, and taxpayers about $6.65 billion annually in lost earnings, productivity, and tax revenue.
The $6.65 billion cost estimate is the result of an economic analysis based on a new survey of Pennsylvania working parents with children under the age of five. Survey results provided evidence of the various ways in which parents’ work commitments, performance, and opportunities are diminished by gaps in the childcare system. For example, 60 percent of parents surveyed reported being late for work, leaving work early, or missing full days of work due to childcare problems, and nearly half reported being distracted at work. More dramatically, 27 percent of working parents said they had to quit their job and 18 percent have even been fired due to childcare struggles.
“The findings of the survey confirm the important role of childcare for today’s working families,” said Steve Doster, State Director of ReadyNation. “When parents don’t have reliable, affordable and quality child care their work suffers, productivity plummets and they have difficulty advancing in their careers.”
The new analysis also suggests that parents’ challenges with child care for young children (under age 3) are far more costly to the economy – accounting for $5.65 billion of the overall annual toll. When comparing this figure to a similar study from 2018 for children under the age of 3, we see that the economic impact has more than doubled from $2.5 billion to $5.65 billion.
“The childcare industry was decimated by the pandemic, with providers closing – many temporarily and a significant number permanently,” said Andrea Heberlein, Executive Director of the Pennsylvania Early Learning Investment Commission. “Beyond its immediate impact on the workforce and economy, Pennsylvania’s child care crisis damages the future workforce by depriving children of nurturing, stimulating environments that support healthy brain development while their parents work.”
According to the survey, 70 percent of working parents surveyed reported that access to child care is a challenge and more than half said it is a significant challenge to find child care that is either affordable (61 percent) or high-quality (51 percent). These reactions align with long-standing problems with the commonwealth’s child care system since nearly 60 percent of residents live in a “child care desert,” an area where there are over three times as many children as licensed child care slots. The average cost of infant/toddler care is almost that of public college tuition and less than half of the state’s childcare capacity is considered high quality.
Low wages within the childcare sector were identified as driving a historic staff shortage in the childcare system. According to another report released this week by the nonprofit Children First, the average childcare teacher in Pennsylvania earns $12.43 per hour or less than $25,844 per year. According to the report, there is no county in the commonwealth where that covers the cost of living.
“The Early Care and Education sector in Pennsylvania is on the brink of collapse,” said Mai Miksic, Early Childhood Education Policy Director for Children First. “Our research shows that 50 percent of early learning educators say they do not plan to or are unsure of whether they will remain in their jobs in the next five years due to low wages. Approximately 21% of staff rely on SNAP benefits and 21% are insured by Medicaid. This was the case even though most teachers surveyed for our report had a college education.”
Bonnie McDowell, CEO of the Greater Susquehanna Valley YMCA reinforced the challenges of recruiting and retaining childcare staff. “Currently, we are down 9 teachers at our 2 local YMCAs, this is impacting 40 child care slots,” said McDowell. “According to a new Start Strong PA survey of more than 1,000 child care providers across the state, there are more than 3,600 open staff positions resulting in more than 1,500 closed classrooms with a combined waitlist of more than 35,000 children. This represents thousands upon thousands of families waiting for care.”
Kurt Schertle, Chief Operating Officer of Weis Markets, hosted the day’s discussion at Weis Corporate Headquarters in Sunbury. Schertle noted that despite the many problems facing the state’s childcare system, one positive outcome of the pandemic has been the increased attention that is being paid to the issue of childcare. “We are seeing increased bipartisan focus to understand the challenges of this sector and seek solutions to further stabilize and strengthen childcare providers and ensure that families have access to quality care,” said Schertle.
Chris Berleth, Columbia Montour Chamber, addresses a panel discussion led by the Early Learning Investment Commission and ReadyNation about early learning and childcare.
“This report is just the tip of the iceberg and is conservative at best. It only shows what we can quantify,” said Chris Berleth, Incoming President of the Columbia Montour Chamber of Commerce. “We know there's more to this story - that every day, workers in Columbia and Montour Counties are making fluid decisions about who will watch their children, who will be late to work, who will stay home for a season. This translates to a workforce shortage and uncertainty in hiring, with candidates whose resumes show gaps in employment, frequent job changes, and signal unreliability to the outside observer. An insufficient childcare system plays a big role in this, effectively sidelining some of the best and most innovative minds. Employers know that the instability in the childcare system is bad for business.”
The ReadyNation / PA-ELIC report outlines a series of action steps for both policymakers and the private sector to better ensure affordable high-quality child care for Pennsylvania’s working families. Private sector actions include flexible working schedules, child care referrals, tuition assistance programs, dependent care flexible spending accounts, and even on-site care. For policymakers, participants stressed the urgent need for increased wages to better compete in the current labor market, increased availability of subsidized care for low-income working families, and increased incentives for providers to boost their program quality through the Keystone Stars program.
Read the full report by Ready Nation here.
Facts: Childcare in Columbia County
Staffing Crisis Data: Columbia County
Facts: Childcare in Montour County
Staffing Crisis Data: Montour County
Access the Investments in Caring PA Employer Toolkit
Early Childhood Education Workforce Wage Study
Welcome New Member: Caldwell Consistory
Built in 1906, the Caldwell Consistory is a historic building on the town square that is owned and operated by the Valley of Bloomsburg Scottish Rite, a fraternal organization dedicated to giving back to the community. The building is a centrally located venue for parties, proms, receptions, promotional events, concerts & theater. Weddings and receptions are elegantly staged, accommodating up to 300 guests in the large dining room, 200 guests in the small dining room, a 600-seat theatre, parlor, and learning center.
Given its size and the organization's dedication to community service, the Caldwell Consistory, in addition to serving as a venue for private events, regularly hosts events that are open to the public, many of which are free to attend.
Upcoming family events include a March 10 Family Fish Fry, a one-act play called "Voices of the Crucifixion" (free and followed by light refreshments), and an April 14 Spaghetti Dinner (with a building tour at 6 pm). A recent host to a high school prom, and perhaps best known in Bloomsburg as the site of the Bloomsburg Public Library's Oktoberfest, and BTE's "Treefest", the Consistory's spacious venue will be a great asset to Chamber members.
To learn more about the Caldwell Consistory venue space, upcoming events, or membership in the Bloomsburg Valley Scottish Rite contact the organization at (570) 784-2522.
Welcome to the Chamber!
PA CHAMBER-LED COALITION STANDS READY TO PARTNER WITH SHAPIRO ADMINISTRATION, LEGISLATURE ON PRO-GROWTH ENERGY POLICY
Source: PA Chamber of Business & Industry
A PA Chamber-led coalition of Pennsylvania’s leading business and industry associations sent a letter last week to Governor Josh Shapiro and the General Assembly promoting Pennsylvania as a 21st century global energy hub.
The coalition wrote that, at the dawn of a new administration and with many new members of the legislature, the associations stand as a reliable resource and partner in crafting energy policies that will ensure a robust and affordable energy supply to Pennsylvania customers, promote production, and provide greater opportunities in the domestic and global marketplace.
Excerpts from the letter can be found below:
As you begin this new chapter of Pennsylvania’s history, we collectively encourage you to work in a bipartisan manner to foster creative, productive public policy that ensures a robust, reliable, and affordable energy supply to our Commonwealth’s businesses and families. By removing barriers to investment and creating opportunities for both businesses and individuals, we can position our state to meet the demands of the 21st century global economy.
Through bipartisan policymaking, we have the unique chance to support policies that promote domestic energy production and its use in legacy and innovative industries. This will result in a dynamic marketplace with greater opportunities for our citizens, many of whom have departed for other states in search of opportunity. Pennsylvania is too rich in resources and people to continue to decline in population.
By working together, we can advance public policy that responsibly leverages our vast energy resources to encourage both legacy and emerging industries to grow here in Pennsylvania and as a result, create a more prosperous and inclusive economy while combating inflation and improving our national energy security. We have an exciting opportunity before us, and we look forward to serving as a partner and resource to move Pennsylvania forward.
###
Founded in 1916, the Pennsylvania Chamber of Business and Industry is the state's largest broad-based business association, with its membership comprising businesses of all sizes and across all industry sectors. The PA Chamber is The Statewide Voice of BusinessTM.
Member News – March 1, 2023
Bloomsburg Children's Museum Announces Regional Science Fair winners
The Bloomsburg Children’s Museum is excited to announce that ten students that participated in the Museum’s Science Fair held in January are moving on to the state Pennsylvania Junior Academy of Science (PJAS) after finishing first in the Regional PJAS Fair. The museum had 37 students from 9 schools and homeschool groups competing at the local science fair held at the Bloomsburg Fire Company. From that, 21 students were sent to the regional fair at Susquehanna University on February 18.
Ten of the students the Museum promoted achieved first in the Regional Fair. These students will be moving on to the State PJAS Science Fair, which will be held at Penn State University on May 15th, 2023. Read more.
March Events at Lions Gate
Lions Gate continues to hold regular community events for all ages, including yoga, spin, movie matinees, kids canvas painting, open houses, trivia and live music. Check out the calendar here.
Upcoming Bucknell Small Business Development Center Workshops
Don't miss these free workshops offered by the Bucknell SBDC:
- March 2, 2023 - 12 pm - The Power of Building a Subscription Business
- March 9, 2023, 9:30 am - Business Startup Basics for Central PA: The First Step
- March 23, 2023, 12 pm - Basic Legal Considerations for Startups and Small Businesses
Columbia County Placemaking Initiative Requests Your Input
Over the next several months, the Columbia County Placemaking Initiative will create and implement a county-wide placemaking plan that makes Columbia County an even better place to live, work, play, and learn. The information gathered through this survey will inform the plan. It takes 15 minutes, and all responses are anonymous. Residents, businesses, and community leaders are strongly encouraged to participate! Complete the survey here.
This project is funded through the U.S. Dept. of Agriculture Rural Placemaking Innovation Challenge.
Encina Plans Community Engagement Opportunity March 1
Encina will be holding a telephone event for those interested in learning more about The Point Township Circular Manufacturing Facility. This phone event will take place on Wednesday, March 1, 2023, from 6:30 p.m. to 8:00 p.m. Prior to 6:30 pm, simply dial 877-228-2184 from a cell phone or landline and you will be prompted to enter a participation pin number which is 111947.
UC Appeals and Hearings Part 2: Presented by the PA CareerLink
Connect with this virtual PA CareerLink program to learn 8 ways to prepare for an unemployment hearing. Event to take place March 9, 10:00 am to 11:30 am via Zoom. Register here.
Montour County Human Services Coalition Senior Expo
On Thursday, March 9, MCHSC will offer free resources and support, 2023 tax filing assistance, a cooking demo, and more for seniors at the Montour County Admin Building. Registration is not required. Share the flyer. Sign up to be a vendor.
Geisinger Health Foundation's Danielle Campbell named a 2023 "Smart Woman in Meetings" Visionary Honoree
Danielle, a Senior Development Specialist, Event Planning, credits her success to excellent mentorship. Read what she shared.
Community Giving Foundation Discusses Youth in Philanthropy
Eric Pangelinan, Program Officer of the Community Giving Foundation, spoke yesterday to WKOK Sunrise about their booming student program. Listen in.
Community Youth Suicide Prevention Forum - March 14, 2023 10 AM - 1 PM
The CSIU, in partnership with WVIA and Commonwealth University, will host this school and community event to discuss the realities of youth suicide, best practices and prevention, local data, trends, and resources, as well as ways to support our region's youth, schools, and families. Admission is free, thanks to PA's COVID Relief Funding. See the flyer. Register here.
Press Enterprise Shines Spotlight on 31 Chamber Members
The Chamber works each week to share the exciting stories of local businesses with our community. This week, we're especially grateful for Shawn Stair and The Press Enterprise, who have compiled a special issue called, "Business Spotlight". This special edition features 31 articles about Chamber members! Rather than share each link, we thought we'd encourage you to check out the publication, here. Check out our members on the following pages:
Page 10 - "Finnegan Eye Care Center Adds doc, tech"
Page 12 - "Lions Gate Apartments continues to expand"
Page 14 - "McKonly and Asbury continues to grow"
Page 16 - "Forest & Field can help you renovate your home now"
Page 18 - "JLink specializes in fiber-optic Internet service"
Page 22 - "T-Ross Brothers Construction is building Northeastern and Central PA."
Page 26 - "Good Samaritan Mission helps those in need"
Page 28 - "Century 21 Covered Bridges is consistent, resilient"
Page 30 - "Berwick dentist provides excellent care"
Page 32 - "The Exchange brings art, music to local communities"
Page 34 - "Exceptional client service remains KEY's focus"
Page 36 - "Smith reaches milestone in real estate career"
Page 42 - "First Columbia Investment Center helps clients on journey"
Page 44- "Service 1st president/CEO to retire after 42 years"
Page 46 - "What you should know about B.I.D.A."
Page 48 - "PRO Rehabilitation Services marks 25 years"
Page 50 - "Carriage Manor Builders marks 32 years"
Page 51 - "Agency with a heart keeps older adults at home"
Page 52 - "First Keystone Community Bank remains a leader"
Page 52 - "Bloomsburg Carpet products can be found nationwide"
Page 56 - "Stackhouse & Son strives to provide best-in-class services"
Page 59 - "Framing by CJ offers a wide selection"
Page 60 - "Knoebels preparing for April 29 opening day"
Page 60 - "Robert G. Dent has provided HVAC service for 68 years"
Page 61 - "Get car or truck you desire at Jack Metzger Auto Group"
Page 62 - "Zimmer Insurance is ready to help clients"
Page 64 - "Larry C. Frace inspections can test home to save on energy"
Page 65 - "J. Lylo Jewelers ready for silver anniversary celebration in March"
Page 65 - "Young's mission is to help her real estate clients reach dreams"
Page 66 - "Bloomsburg's Conner Printing is local print and design solution"
Page 66 - "Options bloom at Berwick Floral"
The special edition of the Press Enterprise, "Business Spotlight" can be found here.
Culver Sworn in to PA Senate
Source: PA Senate Republicans Newsroom
HARRISBURG – Yesterday in Harrisburg, State Sen. Lynda Schlegel Culver (R-27) was sworn in to serve as the new senator for Pennsylvania’s 27th District representing residents in Columbia, Montour, Northumberland and Snyder counties, and part of Luzerne County.
“It is an honor to serve in the state Senate and represent the people in our district,” said Culver, who won a special election on Jan. 31 to fill the vacancy left by the departure of former Sen. John Gordner. He stepped down late last year to accept a position in the office of Senate President Pro Tempore Kim Ward (R-39).
“When I travel to Harrisburg, I take the values and the priorities of the people in the 27th District with me,” Culver said. “I try to bring the commonsense approach that works in our district and apply it to the issues facing our commonwealth.”
Culver’s arrival gives Senate Republicans a 28-22 seat majority.
Prior to joining the Senate, Culver was elected to serve seven terms in the state House representing the people in the 108th District. She was elected to that position after serving for more than 20 years as the staff leader in the office of former state Rep. Merle Phillips (R-108).
“Public service isn’t just what I do. It’s a part of who I am,” Culver said. “I feel blessed to live in our area and enjoy serving the people in our district. I will work hard to make our communities and our commonwealth a better place to live, work and raise a family.”
Culver will serve the remainder of a four-year term begun by Gordner. Her Senate term will last until the end of November 2024.
The 27th District includes all of Columbia, Montour, Northumberland and Snyder counties, and part of Luzerne County, including Black Creek, Butler, Conyngham, Dorrance, Fairview, Hollenback, Huntington, Nescopeck, Rice, Salem, Slocum, Sugarloaf and Wright townships, and Conyngham, Nescopeck, New Columbus, Nuangola and Shickshinny boroughs.
More information about Culver is available online at SenatorCulver.com. Residents can follow her on Facebook at www.Facebook.com/SenCulver for updates about legislative action in Harrisburg and news in the 27th District.
Video of Culver discussing her eagerness to get to work is available here.
Video of Culver discussing her legislative priorities is available here.
Media Contact: Sean Moll
717-783-0192
Welcome New Member: Aloysius, Butler, & Clark
The Columbia Montour Chamber of Commerce is delighted to welcome one of its newest members, Aloysius, Butler & Clark, one of the largest full-service, independent ad agencies in the mid-Atlantic and one of Adweek's 50 "Top Shops" in America. Some agencies are purely PR shops. Other firms are paid search experts. In 45 years, Aloysius, Butler, & Clark has yet to find a client who only needs one thing to help their business grow. With industry experts spanning all disciplines, they work to bring the best practices to all of their clients, across all industries and verticals. Healthcare campaigns get a strong retail call to action. Retail clients get B2B warming drawer strategies. Recruitment clients get a deeper understanding of human psychology, thanks to their behavior change experience. Their integrated approach has produced remarkable results.
Their average client tenure is 10+ years, they have an average of 8.8 years tenure per employee, and they've won hundreds of awards.
Aloysius, Butler & Clark has three locations, including Wilmington, DE, Philadelphia, PA, and Bloomsburg, PA. Some of their expertise includes brand building & identity, market research & planning, interactive design & development, media planning & buying, public relations & crisis management, social media & social monitoring, motion graphics & animation, diversity & inclusion, and inbound marketing.
Welcome to the Chamber!
For more about Aloysius, Butler & Clark, visit www.abccreative.com.
A New Type of Retirement Plan: The PEP
Source: A New Type of Retirement Plan: The PEP, by McKonly & Asbury
In the U.S., employees generally rely on 401(k) plans for retirement savings. However, surprisingly, almost half of U.S. employers do not offer this benefit, including 70% of small businesses. This forces employees to seek alternative means and, oftentimes, results in no savings at all. The SECURE Act passed a few years ago introduced a solution: the pooled employer plan or “PEP.” At that time, the PEP discussion centered mainly around 401(k) plans, but PEPs are back in the spotlight again with the passing of SECURE 2.0 as they may become available for 403(b) plans.
PEPs are designed to make defined contribution plans more affordable and accessible for small business and their employees. They allow multiple unrelated employers to participate in one retirement plan under a single “pooled plan provider,” or PPP. This is different from the multiple employer plan (MEP) of the past where businesses were required to be part of the same industry or association.
The new PEP model is a sensible solution if a company does not currently offer a retirement plan but has considered doing so, or if a company has a plan and is looking to significantly reduce its involvement with plan administration. A PEP is a professionally administered retirement plan that includes reduced liability, simplified plan administration for employers, and potential savings due to the pooling of resources.
Several notable benefits of a PEP include:
- Potential administrative cost savings for employers – By pooling assets into a single, large plan, employers may save on administrative costs and achieve economies of scale.
- Less fiduciary risk – Because the PPP assumes most fiduciary responsibilities, employers are not subject to the same level of liability.
- Less administrative burden – The plan is a “do it for you” approach where the PPP takes on most of the day-to-day plan administration from the employer. The PPP is responsible for plan documentation, required governmental filings, and ongoing plan compliance, which reduces the number of resources an employer needs to allocate to benefits administration.
- Tax credit opportunities – To offset startup costs, the SECURE Act provides that eligible employers may be able to receive up to $5,000 in tax credits annually, with an additional $500 tax credit available for using automatic enrollment in the plan, for the first three years that the plan is effective. Under SECURE Act 2.0, additional credits, such as the employer contribution credit, are available.
- Employee stability and satisfaction – Employers can provide their employees with peace of mind by making a high-quality retirement plan, such as the popular 401(k), more accessible and easier to afford.
PEPs are still relatively new and can be complex, so it is important to educate yourself about this emerging strategy before testing the waters. That said, many retirement experts agree that the PEP has the potential to be a game changer for millions of Americans who currently don’t have a way to save for retirement.
Please contact McKonly & Asbury if you have questions about the information outlined above, their seasoned and experienced employee benefit plan professionals are here to help. You can also learn more about their Employee Benefit Plan Audit services by visiting their website.