WASHINGTON (AP) — Many parts of the country were hit by supply chain disruptions and labor shortages in November, the Federal Reserve reported Wednesday.
In a survey of business conditions around the country, the Fed’s 12 regional banks found that the economy continued to grow at a modest-to-moderate pace, and the outlook for future growth remains positive.
But some of the Fed’s some business contacts expressed uncertainty about when the problems presented by supply chain bottlenecks and labor shortages might begin to ease.
In part because of the supply chain problems, price increases were reported to be widespread across the economy.
Political Cartoons
“There were wide-ranging input cost increases stemming from strong demand for raw materials, logistical challenges and labor market tightness,” the Fed’s report, known as the beige book, said.
The Fed survey, which is based on interviews with business contacts last month in all 12 of the Fed’s regional bank districts, will form the basis for discussions when central bank officials hold their final meeting of the year on Dec. 14-15.
In congressional testimony this week, Federal Reserve Chairman Jerome Powell said the central bank is prepared to speed up the pace of the pullback of the easy-money policies it has been using to support the economy for the past 20 months.
The Fed had been buying $120 billion in Treasury bonds and mortgage-backed securities since the spring of 2020. At its meeting last month, the central bank announced that it would start to trim those purchases, which serve to keep long-term interest rates low, by $15 billion in November and another $15 billion in December.
Powell’s comments this week indicated the Fed may announce at its December meeting that it will make larger monthly reductions in the future so that the bond purchases can be totally ended earlier than the June end-date which had been expected.
That would clear the way for the Fed to begin raising its benchmark interest rate, which was reduced to a record low of 0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in early 2020.
Both the ending of the bond purchases and the start of interest rate hikes would be expected to raise borrowing costs for consumers and businesses as a way to slow the economy and fight inflationary pressures.
Powell made his comments as inflation has surged to a three-decade high, largely because the pandemic has limited supplies at a time when the re-opening of the economy has led to high demand.
The Fed report said that companies were complaining about “persistent difficulty in hiring and retaining employees” with many leisure and hospitality firms still limiting operating hours due to a lack of workers.
The report said businesses had heard a variety of reasons for the labor shortages. Those included the lack of childcare, retirements, and continued safety concerns revolving around the persistence of COVID cases. The survey was conducted before the emergence of the new omicron variant.
“Nearly all districts reported robust wage growth,” the Fed said. “Hiring struggles and elevated turnover rates led businesses to raise wages and offer other incentives, such as bonuses and more flexible working arrangements.”
Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
By ELLEN KNICKMEYER and VLADIMIR ISACHENKOV, Associated Press
WASHINGTON (AP) — U.S. Secretary of State Antony Blinken met face-to-face with his Russian counterpart on Thursday to demand Russia pull back troops from the border with Ukraine, as tensions and suspicions grow in a confrontation over Ukraine’s increasingly close ties with NATO and the West.
Russia on one side and Ukraine, the U.S. and its NATO allies on the other traded fresh accusations and threats. The West, fearing that Moscow could invade Ukraine, threatened the Kremlin with the toughest sanctions yet if it launches an attack. Russia, seeing new U.S. and European support for Ukraine’s military, sternly warned that any presence of NATO troops and weapons on Ukrainian soil represents a “red line.”
Fears that Russia would invade its neighbor or seek to undermine the government of Ukrainian President Volodymyr Zelenskyy have dominated Blinken’s travels this week to meet with European allies.
Blinken and Russian Foreign Minister Sergey Lavrov met Thursday on the sidelines of a ministerial meeting of the Organization for Security and Cooperation in Europe in Stockholm, Sweden.
Political Cartoons on World Leaders
Political Cartoons
“The United States and our allies and partners are deeply concerned by evidence that Russia has made plans for significant aggressive moves against Ukraine, including efforts to destabilize Ukraine from within and large-scale military operations,” Blinken told reporters.
During his meeting with Blinken, Lavrov charged that the West was “playing with fire” by denying Russia a say in any further NATO expansion into countries of the former Soviet Union. Zelenskyy has pushed for Ukraine to join the alliance, which holds out the promise of membership but hasn’t set a a timeline.
“I want to make it crystal clear: Turning our neighbors into a bridgehead for confrontation with Russia, the deployment of NATO forces in the regions strategically important for our security, is categorically unacceptable,” Lavrov said he told the OSCE meeting.
The United States and its European allies have struggled to warn Russia off any military action and reaffirm support for Ukraine without moving so forcefully as to give Russian President Vladimir Putin a pretext to invade.
American officials and their allies acknowledge the uncertainties, including whether Putin is prepared to invade Ukraine or is maneuvering to bring President Joe Biden into one-on-one talks on security concessions.
Putin said Wednesday that Moscow would seek Western guarantees precluding any further NATO expansion and deployment of its weapons near Russia’s borders. Lavrov followed up on Putin’s call for a new security arrangement, stating that reaching an agreement on a set of “long-term and legally binding security guarantees is imperative to prevent sliding into a confrontational scenario.”
Alexander Vershbow, a former U.S. ambassador to Russia and former deputy secretary general of NATO, said he sees little or no prospect of the U.S. or NATO providing Putin with such guarantees. “He’s simply not going to get” an agreement to rule out further NATO expansion, Vershbow told The Associated Press.
Vershbow also ruled out the U.S. or NATO agreeing to halt the kind of military assistance they have been providing to Ukraine since 2014, including arms, training and intelligence sharing.
Russia and Ukraine have remained locked in a tense tug-of-war since Russia annexed Ukraine’s Crimean Peninsula in 2014 following the ouster of the country’s Kremlin-friendly president and threw its weight behind a separatist insurgency in eastern Ukraine, which has killed more than 14,000.
Vershbow said Russia would not have an easy time if it chose to invade Ukraine, whose military is better equipped and more capable than it was in 2014. “It would be very costly for the Russians in terms of casualties,” he said.
Ukraine and the U.S. estimate that Russia has at least 90,000 troops on its border with Ukraine, while Russia charged this week that Ukraine has amassed about 125,000 troops, or about half its military, near the rebel-controlled areas in the east.
Addressing the OSCE meeting, Blinken urged Russia “to respect Ukraine’s sovereignty and territorial integrity to de-escalate, reverse the recent troop buildup” and “return forces to normal peaceful positions.”
The Kremlin has voiced concern that Ukraine may use force to reclaim control of the rebel east. And adding to the tensions, the head of a Russian-allied, self-proclaimed separatist republic in the east appeared on Russian state television to say that he could turn to Moscow for military assistance if the region faced a Ukrainian attack.
Ukrainian officials have denied an intention to reclaim the rebel regions by force.
Blinken sought Thursday to pre-empt Russian claims that Ukraine was threatening Russian interests. “Ukraine is in no way posing a threat to Russia or seeking a confrontation that would justify a Russian military intervention,” the American secretary of state insisted.
Blinken also met separately with Ukrainian Foreign Minister Dmytro Kuleba. Kuleba tweeted afterward that Ukraine and the United States “are closely working together on developing a comprehensive deterrence package, including severe economic sanctions, to demotivate Russia from further aggressive moves.”
John Herbst, a former U.S. ambassador to Ukraine, said Thursday that Putin appeared to be “testing Ukraine. He’s testing the West.”
Herbst, in a discussion at the Atlantic Council think tank, argued the Biden administration’s response has been strong so far, leaving Putin “hoping now simply to get some sort of concession either from Ukraine or perhaps from the United States.”
“Putin is definitely as serious as he could be” in the standoff, countered Ukraine analyst Hanna Shelest.
Isachenkov reported from Moscow. Robert Burns in Washington, Jan M. Olsen in Copenhagen, Denmark, and Yuras Karmanau in Kyiv, Ukraine, contributed to this report.
Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
BOULDER, COLO. — Scott Tassani has been named president of Meati Foods, a Boulder, Colo.-based maker of fungi-based whole-cut meat alternatives.
A 30-year veteran of the food and beverage industry, Mr. Tassani will lead Meati as it prepares to launch in early 2022 with a new source of nutrient dense protein made from mycelium, the root structure of mushrooms. He joins the startup from The Pillsbury Co. and General Mills, Inc., where he most recently was president and chief customer officer for the brand’s $11 billion North America business. Before that he was vice president of US grocery sales and vice president of sales strategy at General Mills.
“Our goal is to rapidly scale to drive accessibility across the United States, with plans to achieve a category-leading $1 billion in sales by 2025,” Mr. Tassani said. “I am incredibly energized to join the Meati team as we launch the outstanding portfolio of animal-free meat products. Meati products are far superior to any alternative proteins available, making it possible to deliver a superior consumer experience while driving significant sustainability impact, and partner with our customers to profitably lead industry growth.”
Scott Tassani, new president of Meati Foods
Meati initially plans to offer its products online direct-to-consumer before expanding availability to food retailers. To achieve its goal of widespread accessibility, Mr. Tassani and his team will focus on expanding the availability and affordability of Meati’s initial products, according to the company.
“Scott brings an unparalleled track record of not only driving profitable growth but doing so by establishing premier commercial partnerships in a way that wins for the brand, the partner and consumers,” said Tyler Huggins, co-founder and chief executive officer of Meati. “When creating a new and exciting category, the strategic partnerships that deliver on all fronts is critical, and I couldn’t be more excited to welcome Scott to the team and partner with him to bring lasting change to the broader protein category. I’m already blown away by the trust and relationships he brings, which will enable a new level of speed for Meati to be more widely available.”
Mr. Tassani joins an existing team of executives, investors and advisers, including Walter Robb, former CEO of Whole Foods Market, John Foraker, co-founder and CEO of Once Upon a Farm, and Rose Marcario, former CEO of Patagonia.
Introduces assessment and migration factory for AWS
Maruti Suzuki
Co is expecting impact on vehicle production in Haryana and Gujarat Plants in December, 2021 owing to Electronic Components Supply Constraint
Co says currently estimated total vehicle production volume across both locations could be around 80{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to 85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of normal production.
Bharat Forge
Change in name of subsidiary Sanghvi Forging and Engineering Limited has been changed to ‘BF Industrial Technology & Solutions Limited’ with effect from November 30, 2021
NMDC
Changes in prices of Iron Ore w.e.f. 30-11 -2021 Lump Ore (65.53, 6-40mm) @ Rs. 5,200/- per ton and Fines ( 643, -1 Omm) @ Rs. 4,560/- per ton
Ultratech Cement
Commencement of mining from Bicharpur Coal Block situated in MP
IndiGrid
Appointment Jayashree Vaidhyanathan as an Independent Director and Hardik Shah as a Non-executive Director wef 30, 2021
Cigniti Technologies
Enhances its 5G Assurance focus with Innovate5G Partnership
Edelweiss
Edelweiss Financial Services announces Rs 5,000 million NCDs
RVNL
Signed MoU with Economic Policy Research Institute, Ministry of Economy and Finance of KYRGYZ Republic, Bishkek, KYRGYZSTAN
Axis Bank
RBI approved reclassification of The New India Assurance Company and General Insurance Corporation of India to “Public” category from “Promoter” category
OTHER NEWS
ET-2 million Plus Using Swiggy’s Instamart
ET-White-collar Hiring Logs Marginal Dip in November
ET-Govt may own 51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in co for natural gas pipeline operations
ET-Handset co’s wary of plant and border closures
ET-Bajaj Finance, HDFC hike deposit rates
Expect revenues to touch ~62,000 cr this year : Amul: Reports
IHCL, Tata Power tie up for solar energy supply to hotels: Reports
FII/DII DATA (Provisional Data)
FIIs net sold 5445.25 cr worth of shares on November 30 (prov)
DIIs net bought 5350.23 cr worth of shares on November 30
If your business has employees, it’s usually a good idea to use an independent payroll services provider. Whether you already use ADP or still need a payroll provider, it’s an easy way to streamline payroll, retirement and health benefits. The 401(k) Essential plan makes it easier to offer an employee retirement plan by simplifying employee account setup and maintenance, and ADP Run is a cost-efficient payroll option for businesses with fewer than 50 employees.
Pros
ADP offers a variety of retirement plans and account types that are appropriate for businesses of all sizes.
Enrollment is easy and can be completed via a mobile app.
The company offers a comprehensive suite of payroll, HR and benefits tools and services.
Cons
ADP does not disclose its fees online.
Some of the investment options have high fees.
The basic 401(k) plan requires business owners to select and monitor investments themselves.
ADP Retirement Plan Features
Feature
401(k)
401(k) Essential
Employee mobile app and financial planning tools
Yes
Yes
Employee self-enrollment
Yes
Yes
SMARTSync Comprehensive Plan Automation
Yes
Yes
Administrative fiduciary support
No
Yes
Investment management support
No
Yes
Compliance readiness and testing
No
Yes
Government filings
No
Yes
401(k)
ADP offers employers a 401(k) retirement plan that puts the company administrator in charge of selecting and monitoring investments over time. Plan administrators get access to a specialized ADP manager to help with implementation, as well as technology and tools that assist in building, implementing and administering a companywide 401(k). ADP’s 401(k) plan can also be synced with the ADP payroll software and ADP HR outsourcing tools through SMARTSync Comprehensive Plan Automation.
While this may be a good option for very small businesses with investing and recordkeeping experience, managing a retirement plan can be extremely overwhelming for larger operations.
401(k) Essential
ADP’s 401(k) Essential plan offers the provider’s full-featured 401(k) with additional assistance with administration and compliance. The plan is also fully customizable, making it easy to adjust every aspect of the plan to meet the needs of your business. This includes tailored automatic enrollment options, employee eligibility requirements, employer contributions, vesting schedules and safe harbor plans.
Because of the efficiency and peace of mind that come with these added services, even small businesses will benefit from the more robust features of ADP’s 401(k) Essential plan.
Additional Features
Onboarding and support: Every ADP plan administrator gets access to a specialized ADP manager who helps with retirement service implementation. This manager assists in tasks such as choosing eligibility requirements, selecting a plan and opting in to automatic employee enrollment.
Automation: ADP’s SMARTSync Comprehensive Plan Automation lets current ADP payroll and all-in-one HR clients integrate their payroll system with 401(k) plan recordkeeping systems. Administrators can use this feature to save time, improve accuracy and reduce the risk of compliance oversights.
Investment manager services: Companies can opt to work with financial services firm Mesirow to get co-fiduciary or investment manager services. Alternatively, ADP’s affiliate, ADP Strategic Plan Services LLC, can assist with investment fiduciary services. Either option can take the pressure of selecting and monitoring investments off your business’s HR team and reduce the risk of being audited by the IRS or the Department of Labor.
Compliance: ADP provides independent recordkeeping services to help your business stay on top of compliance requirements without the risk of bias. Its automation tools also reduce the risk of compliance-related errors, and the 401(k) Essential plan includes compliance readiness and testing, as well as government filings.
Online resources: ADP customers have access to a large library of online resources to help with plan administration, tax and compliance requirements, and investment decisions. Because ADP is a full-service HR platform, there are also resources related to payroll, recruiting and hiring, and other types of employee benefits.
Mobile app: The ADP mobile app makes it easier for employees to enroll. The integrated MyADP Retirement Snapshot calculator also lets employees calculate their retirement savings and plan for the future.
Employee tools: In addition to accessing ADP’s mobile app, employees can take advantage of the ADP Achieve employee education resources and ADP’s financial wellness program.
Key takeaway: ADP offers a variety of services in addition to employee retirement benefits. Consider using ADP if you also want to take advantage of the company’s other offerings, such as payroll services.
Account Types
Businesses that choose ADP as their employee retirement benefits provider can select from a few types of employee retirement plans. Each plan has its own rules and regulations, as determined by the IRS.
401(k): ADP offers a 401(k) plan wherein plan administrators must select and monitor investment options and handle compliance-related issues. Business owners can also select the 401(k) Essential plan, which includes more substantial customization, administration and compliance support.
403(b): The 403b-Select plan is offered by ADP through Newport Retirement Services and enables integration between ADP’s payroll service and Newport’s recordkeeping services.
SIMPLE IRA: With administration fees as low as $480 per year, ADP’s SIMPLE IRAs involve less paperwork and fewer compliance requirements than a 401(k) plan.
SEP IRA: A SEP IRA through ADP is designed for small business owners and self-employed individuals who want flexible contribution amounts and no required compliance filings.
Investment Options
Companies that offer employee retirement plans through ADP get access to a wide selection of investment options, including the following:
Money market
Stock and income mutual funds
Index funds and lifestyle funds
Specialty funds, including real estate and technology
While ADP offers most of the typical investment options available in employer-sponsored retirement plans, the list of individual funds is relatively short. It’s also unclear whether ADP allows companies to offer employee stock purchase plans through their retirement accounts.
Pricing
Like many top employee retirement providers, ADP does not publish its pricing online. In general, though, prices vary based on plan customizations. If your business already uses ADP for payroll and other HR services, contact your account representative to learn more about ADP’s retirement plan pricing. You can also get a quote via telephone or by navigating to Start Quote from the homepage.
Ease of Use
Even though pricing is not disclosed on ADP’s website, it’s easy to build a plan and get a quote. Just click the Start Quote button on ADP’s website and provide contact information and relevant details about your business. Once your request is submitted, an ADP representative will contact you to schedule a consultation. You can also get a quote by calling the company.
Once you sign up for ADP’s retirement benefit services, you can automate a number of tasks through the SMARTSync Comprehensive Plan Automation tool. You will also be assigned a specialized ADP manager who will help to streamline the setup and implementation. Customizations and implementation assistance are even more robust with the 401(k) Essential plan, which includes administrative fiduciary support, investment management support, compliance readiness and testing, and government filings.
From the employee perspective, ADP’s mobile app makes it easy to enroll in 401(k) benefits and to change investments, while the Retirement Snapshot calculator and online resources help employees research funds. If you’re not sure if ADP is a good fit, you can request a demo to see how the platform and administrator dashboard work.
The ADP benefits dashboard provides an overview of employee benefits and allows team members to manage their retirement benefits directly.
Source: ADP
Customer Service
Employers that use ADP get a personal representative who assists with setting up and otherwise administering the company’s retirement plan. Beyond setup and implementation, automation tools make it easy to administer an ADP retirement plan by integrating the platform with a business’s existing ADP payroll and HR services. There is also a client administrator support page that answers common questions.
Likewise, employees can access several popular customer support topics to get quick answers and the most relevant contact information. There are also a number of educational resources and tools, including the ADP mobile app and the MyADP Retirement Snapshot calculator.
Drawbacks
While ADP is a very strong company, its retirement benefit services do have some drawbacks. For one, ADP does not disclose the fees for its retirement solutions online. Also, some of the investment options available through ADP’s plans have relatively high fees. In addition, the company’s basic 401(k) plan requires business owners to choose and monitor investments themselves, unless they employ an outside advisor.
What Is an Employee Retirement Benefits Provider?
An employee retirement benefits provider is a company that helps small business owners set up and administer retirement plans for themselves and/or their employees. Providers offer a range of services, including plan design, administration and recordkeeping. Companies also offer various types of plans, investment options, features and services, depending on the role they play.
FAQs
Is ADP better than Gusto?
ADP is a much larger, more established company than Gusto. As such, it also has considerably more robust offerings, particularly with regard to payroll processing (ADP’s core business). However, ADP is also less transparent about its pricing and likely to be more expensive in many cases.
Tip: Read our review of Paychex employee retirement benefits to learn about another well-established company that provides comprehensive service.
How many employees do I need for ADP?
For most businesses to use ADP, they should have at least several dozen employees. For most small businesses, there are likely more cost-effective options for both payroll and employee retirement benefits services.
Tip: For alternatives to ADP, consider our review of Human Interest or our American 401k review.
Bottom Line
We recommend ADP for:
Small businesses that use ADP to manage their payroll and other HR needs.
HR administrators who need help with IRS compliance and other recordkeeping requirements.
We don’t recommend ADP for:
Small businesses that don’t have the resources to select and monitor plan investments.
Businesses that are not already using ADP’s payroll and/or HR services.
T-R PHOTOS BY SUSANNA MEYER — Vic and Gayle Hellberg, the owners of Hellberg Jewelers, one of several local businesses that participated in Small Business Saturday in Marshalltown.
Small Business Saturday gives local mom and pop operations a chance to shine after the big shopping rushes of Black Friday at larger chain stores. Matt Gerstandt, the owner of Black Tire Bike Co said it had been a slightly slow day.
“Small Business Saturday hasn’t been gangbusters, but we’re running some select specials and we’ve had some good foot traffic,” Gerstandt said.
While it may not have been as busy as some would have liked, Gerstandt said the Holiday Stroll had a positive impact on business the previous week, jumpstarting the revenue a week early. He remains optimistic for the upcoming holiday season.
“Kids bikes have been great for availability, so we’re getting some of those families that have been patiently waiting for kids bikes. Some of those supply chains are loosening up just a little bit,” Gerstandt said.
Gerstandt also wanted to stress the importance of shopping locally not just because customers can feel better about where their dollars are going.
Matt Gerstandt, the owner of Black Tire Bike Co on Main Street, was happy to see the foot traffic in the downtown area on Small Business Saturday.
“Don’t shop local because it’s local, shop local because you’re getting better service,” Gerstandt said.
Another Main Street Business, Hellberg’s Jewelers, owned by Vic and Gayle Hellberg, was open for business on Saturday, and they were hopeful it would be a successful day.
“It’s definitely better than an average Saturday, so that’s the good part,” Vic Hellberg said.
The Hellbergs also participated in the Marshalltown Area Chamber of Commerce Chamber Bucks giveaway. Select businesses offered the opportunity to register to win Chamber Bucks of different values depending on the business. The Chamber of Commerce has sponsored this giveaway for several years running in an effort to incentivize shopping locally and to support small businesses. While Vic Hellberg has never asked customers if the Chamber Bucks giveaway was a motivation for them to come shop, he was certain it had an effect.
“I know that makes a difference to people. They do come down because our chamber does a good job for our community,” Vic Hellberg said.
Chamber of Commerce Director John Hall was enthusiastic about the giveaway, hoping it would be a helpful tool for businesses looking to gain more shoppers on Small Business Saturday.
“We know the value of small businesses, and the Chamber Bucks giveaway is one more tool to bring in more business,” Hall said.
The Chamber of Commerce partners with the Small Business Development Center, which provides the materials for events like these and ships them to participating businesses. Chamber Bucks can be redeemed at any business or organization that is a member of the Marshalltown Area Chamber of Commerce, and participating businesses can be found at www.marshalltown.org.
In addition to the giveaway, the Chamber of Commerce also partners with Shop Iowa, which provides a free online platform for small businesses to sell online. With resources like Shop Iowa, Hall hopes small businesses can thrive in Marshalltown all year, not just on Small Business Saturday.
——
Contact Susanna Meyer at 641-753-6611 or
smeyer@timesrepublican.com.
T-R PHOTOS BY SUSANNA MEYER — Vic and Gayle Hellberg, the owners of Hellberg Jewelers, one of several local businesses that participated in Small Business Saturday in Marshalltown.
Matt Gerstandt, the owner of Black Tire Bike Co on Main Street, was happy to see the foot traffic in the downtown area on Small Business Saturday.
Key takeaway: ADP offers a variety of services in addition to employee retirement benefits. Consider using ADP if you also want to take advantage of the company’s other offerings, such as payroll services.
Tip: Read our review of Paychex employee retirement benefits to learn about another well-established company that provides comprehensive service.
