Odyssey Advisors

🎉 Celebrating 25 Years of Odyssey Advisors 🎉 Time to break out the confetti and reminisce with us! We can hardly believe it's been 25 years since Parker Elmore founded Odyssey Advisors. In honor of this momentous month, our team put together this video to celebrate the epic double milestone and share the immense gratitude we all have for this remarkable company and Parker. To our clients and the financial advisors, auditors, and accountants who have chosen to partner with us over the years, thank you. We're extremely lucky to have such an incredible network of supporters! Join us in raising a glass to the last 25 years of adventure, hard work, and incredible memories. Here's to many more exciting years ahead! #OdysseyAnniversary #25YearsStrong #ThankYou #WorkAnniversary #OPEB #RetirementPlanning Francis Fraine Kurtis Thompson ASA, MAAA Samantha Schneider Luke Matchett Caleb White Andrew Taggart, ASA, EA, ACA, MAAA Kirby Elmore Prigioni Stephanie Irvin, MBA

Most of us are just touching down after an energizing few days in sunny San Diego for our annual Odyssey offsite! From team strategy sessions to tacos, bowling, and some seriously good pasta—we made space to connect, reflect, and build on what’s ahead. Big ideas are brewing. And yes, we’ve confirmed: we’re better at actuarial work than we are at bowling 😅 Parker Elmore Andrew Taggart, ASA, EA, FCA, MAAA Caleb White Kirby Elmore Prigioni Stephanie Irvin, MBA Samantha Schneider Luke Matchett Kurtis Thompson ASA, MAAA Francis Fraine

The Odyssey Advisors team will be at our 2025 annual off-site this week with our "classroom" time here in San Diego, CA. For many, these annual pilgrimages to a new city or country seem excessive but I think it has value to get everyone together to share knowledge and non-work experiences. And, there are worse places to hang out than San Diego - just sayin'. As with past events, we'll be focused on we can better serve our clients & partners, strategic planning for the company's future and development of new offerings to ensure we can meet the current and emerging needs of our community. So, please be patient the next few days as responses may take a little longer than usual but be assured that we are committed to delivering the services, expertise and products that you expect. Samantha Schneider Stephanie Irvin, MBA Kirby Elmore Prigioni Luke Matchett Caleb White Francis Fraine Kurtis Thompson ASA, MAAA Andrew Taggart, ASA, EA, FCA, MAAA

IMPORTANT U.S TREASURY ARPA NOTICE- For Our MA Municipal Clients and Friends - Please read the following with regards to the U.S. Treasury's intent to monitor proper obligations for the past 12/31/24 deadline and the dissolution of ARPA funds over the remaining allowable period. As we have previously alerted our clients as a possibility; it appears that the Treasury will be making efforts to recoup/"clawback" improperly obligated and unused ARPA funds in the future. We encourage all ARPA grant recipients to be especially conscious of adequately and properly maintaining valid, actual obligation and expenditure documentation on ARPA activity.

March Madness is heating up, and unfortunately, the Huskies won't be cutting down the nets this year - at least on the men's side. The UConn women, however, are still in the game, advancing to the Sweet Sixteen and playing this Saturday! Meanwhile, one of our team members is rallying behind Texas Tech - so in the spirit of friendly competition, we're sending good vibes to the Red Raiders tonight! Speaking of winning strategies, managing an OPEB plan is a tournament of its own. Our guide lays out the X's and O's to help you build a sustainable plan, covering everything from setting up your game plan to tracking key performance metrics. Stay ahead of the competition and keep your benefits on the championship path! 🏀📈 Game on! #OPEB #localgov #stateandlocal #marchmadness #GASB #postemploymentbenefits https://lnkd.in/gDg6Z6UM

Want the latest fiscal and economic analyses by experts at The Pew Charitable Trusts? The use of data in state fiscal policy is not just helpful but essential for informed decision-making. Check out the Budget Threads section of Fiscal 50 which includes accurate and up-to-date budget information in an interactive platform: https://bit.ly/3Xu3bnl

Let's be honest - OPEB valuations aren't anyone's dream. No one springs out of bed thinking, "Today's the day I tackle complex benefits reporting!" We understand. And we've built our entire process around that reality. At Odyssey Advisors, we aim to transform tedious compliance into a streamlined, stress-free experience. Efficient. Precise. Painless. Want to know exactly what to expect? Check out our complete OPEB Valuation Checklist 👇 #OPEB #localgov #postemploymentbenefits #governmentaccounting

State and local governments are leading the way in job growth, with public sector hiring outpacing the private sector for the first time in decades. As wages rise and governments adopt new benefits to attract and retain talent, the sector faces opportunities and challenges ahead. Dive into this great analysis by our friend and fiscal policy journalist, Liz Farmer, at The Pew Charitable Trusts on the evolving landscape of public sector employment. #publicsector #jobgrowth #localgov #governmenthiring

Managing OPEB liabilities can feel overwhelming, but having a solid plan makes all the difference. Michael Herbert, Town Manager of Ashland, MA shares how they're tackling the challenge and it's a great read for any municipality looking for practical strategies. It's not easy, but as Ashland has shown, it's absolutely doable! #publicsector #OPEB #municipalfinance #localgov

𝗔 𝗖𝗼𝘀𝘁𝗹𝘆 𝗟𝗲𝘀𝘀𝗼𝗻 𝗶𝗻 𝗖𝗮𝘀𝗵 𝗕𝗮𝗹𝗮𝗻𝗰𝗲 𝗣𝗹𝗮𝗻 𝗟𝗶𝗺𝗶𝘁𝘀 Cash Balance and Defined Benefit pension plans offer small business owners excellent tax deferral and savings opportunities. However, IRS limits on contributions and benefits must be carefully followed. Ignoring these limits can result in costly consequences. 𝗔 𝗥𝗲𝗮𝗹-𝗪𝗼𝗿𝗹𝗱 𝗘𝘅𝗮𝗺𝗽𝗹𝗲 A husband-and-wife-owned S-Corp with a well-funded Cash Balance Plan. Both owners are in their mid-60s, and the wife was ready to retire and roll her funds into an IRA—so far, so good. However, Cash Balance Plans are designed to be "permanent" under IRS rules, meaning they should theoretically continue beyond the original participants (even if, in reality, no new employees will ever join). More importantly, IRS regulations limit the maximum deductible contribution to an amount that allows the plan to reach 150% of its funded target. Their actuary completed the valuation and noted that: No contribution was required, but they could deduct up to $850K in contributions for the year. Since tax deductions are always welcome, they decided to contribute the full $850K. 𝗧𝗵𝗲 𝗣𝗿𝗼𝗯𝗹𝗲𝗺: They forgot about IRS Code 415(b). Unlike a 401(k), where you withdraw whatever balance you've accumulated, Cash Balance and Defined Benefit (DB) plans are subject to IRS Code Section 415(b), which limits the maximum benefits that can be paid out. At retirement, the maximum allowable benefit is the lesser of: $280,000 per year in pension payments, or The average of the highest three years of compensation. For this couple, the maximum lump sum payout was $5.5 million (since their S-Corp structure meant they kept W-2 wages low for tax purposes). However, before making that $850K deductible contribution, their plan balance was already $6.7 million—$1.2 million more than they could legally take. Now, with the extra contribution, there was an additional $850K sitting in the plan that they couldn't withdraw. 𝗧𝗵𝗲 𝗖𝗼𝘀𝘁𝗹𝘆 𝗖𝗼𝗻𝘀𝗲𝗾𝘂𝗲𝗻𝗰𝗲: 𝗥𝗲𝘃𝗲𝗿𝘀𝗶𝗼𝗻 𝗧𝗮𝘅𝗲𝘀 Since 1986, IRS rules impose a 50% reversion tax on excess DB plan assets that revert to the company. On top of that, federal, state, and local taxes apply, bringing the effective tax rate to around 85%. This means that not only was the original $1.2 million overfunded and subject to the reversion tax, but the additional $850K contribution also became taxable, essentially undoing the benefit of the deduction. 𝗧𝗵𝗲 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: 𝗧𝗮𝗹𝗸 𝘁𝗼 𝗬𝗼𝘂𝗿 𝗔𝗰𝘁𝘂𝗮𝗿𝘆 𝗙𝗶𝗿𝘀𝘁 If you have a Cash Balance or Defined Benefit Plan, always monitor your plan’s asset balance with IRS 415 limits. And if you’re considering major business changes—like retirement, selling your company, or restructuring—let your actuary know in advance. A little planning could save you a very expensive lesson.